Unitil Corporation Announces Exciting Common Stock Offering
Unitil Corporation's Stock Offering Announcement
Unitil Corporation (NYSE: UTL), a leading provider of energy services in New England, just confirmed the pricing of its public offering of common stock. The company has priced 1,393,355 shares at a price of $46.65 per share in a move that reinforces its commitment to growth and financial stability.
Details of the Offering
This exciting offering is expected to close shortly, subject to the usual closing conditions that accompany public stock offerings. Additionally, the underwriters have been granted the option to purchase up to 209,003 shares at the same public offering price, after deducting underwriting discounts and commissions.
Utilization of Proceeds
Unitil plans to utilize the proceeds from this offering in several strategic ways. Firstly, it aims to contribute equity capital to its regulated utility subsidiaries, which will strengthen their operational capabilities. Secondly, part of the funds will be directed towards repaying existing debts under its credit agreement. This judicious approach will bolster the company’s financial footing and flexibility.
Involvement of Underwriters
Wells Fargo Securities, LLC, along with Scotia Capital (USA) Inc., is serving as active bookrunners for the offering. Furthermore, Janney Montgomery Scott LLC is acting as a bookrunner, ensuring a well-coordinated and effective process for this placement.
Regulatory Compliance
The offering is being managed under the company’s effective registration statement, fulfilling regulatory obligations required by the SEC. This careful preparation demonstrates Unitil’s commitment to transparency and investor confidence.
About Unitil Corporation
Unitil Corporation is not just another utility provider; it defines itself by its commitment to delivering safe and efficient electricity and natural gas to its communities. With operations across New England, the company caters to over 109,400 electric customers and 97,600 natural gas customers, illustrating its influence and scale. The firm continuously focuses on innovation, operational efficiency, and community engagement, which cements its reputation as a responsible utility provider.
Contact Information
For further inquiries about the stock offering or other aspects of the company, interested parties can reach out to Christopher Goulding, who handles investor relations at Unitil Corporation. His contact details include a phone number at 603-773-6466 and an email address directly connecting him to potential investors.
Frequently Asked Questions
What is the price of the shares offered by Unitil Corporation?
The shares are priced at $46.65 each as part of the public offering.
Who are the underwriters for this stock offering?
Wells Fargo Securities, LLC, and Scotia Capital (USA) Inc. are the active bookrunners, while Janney Montgomery Scott LLC is also involved as a bookrunner.
What will the proceeds from the stock offering be used for?
The company intends to use the proceeds to provide equity capital to its utility subsidiaries, repay debts, and for general corporate purposes.
Is this offering being made under an SEC registration statement?
Yes, the offering is conducted under the company’s effective registration statement on Form S-3ASR as filed with the SEC.
How can I contact Unitil Corporation for more information?
Interested parties can contact Christopher Goulding at 603-773-6466 or via email at gouldingc@unitil.com for more information.
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