Mr. Richard Hew reports
CARIBBEAN UTILITIES COMPANY, LTD. ANNOUNCES THE CLOSING OF US$50 MILLION PRIVATE PLACEMENT OF SENIOR UNSECURED NOTES
Caribbean Utilities Co. Ltd. has closed a $50-million (U.S.) private placement consisting of $30-million (U.S.) 3.65-per-cent senior unsecured notes due Nov. 25, 2029, $5-million (U.S.) 3.85-per-cent senior unsecured notes due Nov. 25, 2034, and $15-million (U.S.) 4.53-per-cent senior unsecured notes due Nov. 25, 2046. The debt offering was privately placed with institutional investors in the United States with CIBC World Markets Corp. acting as sole placement agent. Proceeds from the offering will be used to finance the development of a 39.7-megawatt diesel power plant and other capital expenditures.
President and chief executive officer Richard Hew stated, "We are pleased to secure this financing on favourable terms, a reflection of the continued stability and strong credit ratings of the company and the jurisdiction as a whole." Mr. Hew added: "Significant and ongoing capital investments are necessary for electric utilities, and this funding will facilitate the completion of the largest generation expansion project to date undertaken by the company. The expansion follows the selection of the company by the Cayman Islands Electricity Regulatory Authority to provide additional generation capacity subsequent to an open and competitive bid process. CUC remains committed to providing a safe, efficient and reliable electricity service to Grand Cayman, as it has for over 48 years."
We seek Safe Harbor.
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