/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES./
CALGARY, AB, Dec. 9, 2021 /CNW/ - Canadian Utilities
Limited (TSX: CU) (TSX: CU.X)
Canadian Utilities Limited announced today it has closed its
previously announced public offering of Cumulative Redeemable
Second Preferred Shares Series HH, by a syndicate of underwriters
co-led by BMO Capital Markets and RBC Capital Markets, and
including TD Securities Inc., Scotia Capital Inc., CIBC World
Markets Inc., National Bank Financial Inc., and iA Private Wealth
Inc. Canadian Utilities Limited issued 7,000,000 Series HH
Preferred Shares for gross proceeds of $175,000,000. The Series HH Preferred Shares will
begin trading on the TSX today under the symbol CU.PR.J. The
proceeds will be used to increase the Corporation's cash position
to allow for operational flexibility and may be used in the future
to repay indebtedness and to bolster liquidity.
Canadian Utilities Limited has granted the Underwriters an
option, exercisable, in whole or in part, at any time until and
including 30 days following the closing of the Offering, to
purchase, at the offering price, an additional 1,050,000 Series HH
Preferred Shares, to cover over-allotments, if any. Should the
option be fully exercised, the total gross proceeds of the Series
HH Preferred Share offering will be $201,250,000.
This news release does not constitute an offer to sell
securities, nor is it a solicitation of an offer to buy securities,
in any jurisdiction. All sales will be made through registered
securities dealers in jurisdictions where the offering has been
qualified for distribution.
With approximately 4,500 employees and assets of $21 billion, Canadian Utilities Limited is an
ATCO company. Canadian Utilities is a diversified global energy
infrastructure corporation delivering essential services and
innovative business solutions in Utilities (electricity and natural
gas transmission and distribution, and international electricity
operations); Energy Infrastructure (electricity generation, energy
storage, and industrial water solutions); and Retail Energy
(electricity and natural gas retail sales). More information can be
found at www.canadianutilities.com.
Investor Inquiries:
Colin
Jackson
Senior Vice President, Finance, Treasury, Risk &
Sustainability
Colin.Jackson@atco.com
403 808 2636
Media Inquiries:
Kurt
Kadatz
Senior Manager, Corporate Communications
Kurt.Kadatz@atco.com
587 228 4571
Forward-Looking Information:
Certain statements contained in this news release may
constitute forward-looking information. Forward-looking information
is often, but not always, identified by the use of words such as
"anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", and similar expressions.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information.
The Company's actual results could differ materially from
those anticipated in this forward-looking information as a result
of regulatory decisions, competitive factors in the industries in
which the Company operates, prevailing economic conditions
(including as may be affected by the COVID-19 pandemic), and other
factors, many of which are beyond the control of the
Company.
The Company believes that the expectations reflected in the
forward-looking information are reasonable, but no assurance can be
given that these expectations will prove to be correct and such
forward-looking information should not be unduly relied
upon.
Any forward-looking information contained in this news
release represents the Company's expectations as of the date
hereof, and is subject to change after such date. The Company
disclaims any intention or obligation to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required by applicable
securities legislation.
SOURCE Canadian Utilities Limited