Caribbean Utilities Company, Ltd. Announces Closing of US$40 Million Private Placement of 7.50% Senior Unsecured Notes Due May 29, 2024

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[{"type":"text","content":"\n\n\n\nGRAND CAYMAN, Cayman Islands, May 29 /CNW/ - Caribbean Utilities Company,\nLtd. ("CUC") announced today the closing of the first tranche of a US$40\nmillion private placement of 7.50% Senior Unsecured Notes due May 29, 2024.\nThe first tranche was in the amount of US$30 million and the second tranche of\nUS$10 million is scheduled to close in July 2009. The debt offering was\nprivately placed with institutional investors in the United States. Proceeds\nfrom the offering will be used to repay short-term indebtedness and to finance\nongoing additions and upgrades to CUC's generation and transmission and\ndistribution system.\n\n\nPresident and Chief Executive Officer, Richard Hew stated, "We are\npleased to have been able to secure this additional financing on favourable\nterms at a time when many companies are unable to access growth capital." He\nadded that "CUC's status as a publicly traded company with a strong debt\nrating helps secure access to efficient capital markets which enable us to\nsustain our commitment of over 40 years to reliable and efficient electrical\nservice to Grand Cayman."\n\n\nThe notes will not be registered under the Securities Act of 1933 (the\n"Securities Act") as amended, nor will they be registered under any state\nsecurities laws. Unless so registered, the notes may not be offered or sold\nexcept pursuant to an exemption from, or in a transaction not subject to, the\nregistration requirements of the Securities Act and applicable state\nsecurities laws.\n\n\nCUC's Class A Ordinary Shares are listed in United States funds on the\nToronto Stock Exchange (trading symbol: CUP.U).\n\n\n%SEDAR: 00002251E\n\n\n","length":1748,"tagName":"div"}]

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