GRAND CAYMAN, Cayman Islands, Dec. 16 /CNW/ - Caribbean Utilities
Company, Ltd. ("CUC") announced today the closing of a US$30 million private
placement through Harris Nesbitt Corp. of 5.96% Senior Unsecured Notes due
December 15, 2020. The closing consisted of a single tranche of US$30 million.
The debt offering was privately placed with three institutional
investors in the United States. Proceeds from the offering will be used to
repay short-term indebtedness and 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's Class A Ordinary Shares are listed in United States funds on the
Toronto Stock Exchange (trading symbol: CUP.U).
%SEDAR: 00002251E
