Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol "CUP.U".
GRAND CAYMAN, Cayman Islands, July 10 /CNW/ - Caribbean Utilities Company, Ltd. ("CUC") announced today the closing of the second tranche of a US$40 million private placement of 7.50% Senior Unsecured Notes due May 29, 2024. The first tranche, which closed May 29, 2009, was in the amount of US$30 million and the second tranche, closed today is in the amount of US$10 million.
The debt offering was privately placed with institutional investors in the United States. Proceeds from the second tranche of the offering will be used to finance ongoing additions to CUC's generation capacity and transmission and distribution system.
The notes will not be registered under the Securities Act of 1933 (the "Securities Act") as amended, nor will they be registered under any state securities laws. Unless so registered, the notes may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
CUC provides electricity to Grand Cayman, Cayman Islands, under an Electricity Generation Licence expiring in 2029 and an exclusive Electricity Transmission and Distribution Licence expiring in 2028. Further information is available at www.cuc-cayman.com.
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