Business
Caribbean Utilities Company, Ltd. Announces First Closing of US$40 Million Private Placement of 5.65% Senior Unsecured Notes Due June 1, 2022
Caribbean Utilities Company, Ltd. Announces First Closing of US$40 Million Private Placement of 5.65% Senior Unsecured Notes Due June 1, 2022.
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nGRAND CAYMAN, Cayman Islands, June 1 /CNW/ - Caribbean Utilities Company,\nLtd. ("CUC") announced today the closing of the first tranche of a\nUS$40 million private placement of 5.65% Senior Unsecured Notes due June 1,\n2022. The first tranche was in the amount of US$30 million and the second\ntranche of US$10 million is scheduled to close in December 2007.\n\n\nThe debt offering was privately placed with one institutional investor in\nthe United States. Proceeds from the offering will be used to repay short-term\nindebtedness and to finance ongoing additions to CUC's generation capacity and\ntransmission and distribution system.\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 operates the only public electrical utility on Grand Cayman, Cayman\nIslands pursuant to a 25-year exclusive Licence from the Government of the\nCayman Islands entered in 1986. CUC's Class A Ordinary Shares are listed in\nUnited States funds on the Toronto Stock Exchange (trading symbol: CUP.U).\n\n\n%SEDAR: 00002251E\n\n\n","length":1439,"tagName":"div"}]