GRAND CAYMAN, Cayman Islands, June 1 /CNW/ - Caribbean Utilities Company, Ltd. ("CUC") announced today the closing of the first tranche of a US$40 million private placement of 5.65% Senior Unsecured Notes due June 1, 2022. The first tranche was in the amount of US$30 million and the second tranche of US$10 million is scheduled to close in December 2007.
The debt offering was privately placed with one institutional investor 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 operates the only public electrical utility on Grand Cayman, Cayman Islands pursuant to a 25-year exclusive Licence from the Government of the Cayman Islands entered in 1986. CUC's Class A Ordinary Shares are listed in United States funds on the Toronto Stock Exchange (trading symbol: CUP.U).
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