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Caribbean Utilities Company, Ltd. Announces Closing of US$50 Million Private Placement of Senior Unsecured Notes
CARIBBEAN UTILITIES COMPANY, LTD. CLASS A ORDINARY SHARES ARE LISTED FOR TRADING IN UNITED...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\nCARIBBEAN UTILITIES COMPANY, LTD. CLASS A ORDINARY SHARES ARE LISTED FOR\n TRADING IN UNITED STATES FUNDS ON THE TORONTO STOCK EXCHANGE.\n\n\nGRAND CAYMAN, Cayman Islands, May 30, 2013 /CNW/ - Caribbean Utilities\n Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today the\n closing of a US$50 million private placement of US$10 million 3.34%\n Senior Unsecured Notes due May 30, 2028  and US$40 million 3.54% Senior\n Unsecured Notes due May 30, 2033.\n\n\nThe debt offering was privately placed with institutional investors in\n the United States with J. P. Morgan Securities LLC acting as placement\n agent.  Proceeds from the offering will be used to repay short-term\n indebtedness and for general corporate purposes, including capital\n expenditures.\n\n\nPresident and Chief Executive Officer, Richard Hew stated, \"We are\n pleased to secure this financing on favourable terms, a reflection of\n the continued stability of the Company.\"  He added that \"CUC's strong\n credit ratings help secure access to efficient capital markets.  \n Significant capital investments are necessary to sustain a reliable\n electricity service to Grand Cayman, to which CUC has remained\n committed for over 47 years.\"\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\n state securities laws. Unless so registered, the notes may not be\n offered or sold except pursuant to an exemption from, or in a\n transaction not subject to, the registration requirements of the\n Securities Act and applicable state securities laws.\n\n\nCUC provides electricity to Grand Cayman, Cayman Islands, under a\n non-exclusive Electricity Generation Licence expiring in 2029 and an\n exclusive Electricity Transmission and Distribution Licence expiring in\n 2028.  Further information is available at www.cuc-cayman.com.\n\n\nCaribbean Utilities Company, Ltd. (\"CUC\" or \"the Company\"), on occasion,\n includes forward-looking statements in its media releases, Canadian\n securities regulatory authorities filings, shareholder reports and\n other communications. Forward-looking statements include statements\n that are predictive in nature, depend upon future events or conditions,\n or include words such as \"expects\", \"anticipates\",...