CARIBBEAN UTILITIES COMPANY,
LTD. CLASS A ORDINARY SHARES ARE LISTED FOR TRADING IN UNITED STATES FUNDS ON THE TORONTO STOCK
EXCHANGE.
GRAND CAYMAN,
Cayman Islands, May 30, 2013 /CNW/ - Caribbean Utilities Company,
Ltd. (TSX: CUP.U) ("CUC" or "the Company") announced today the
closing of a US$50 million private
placement of US$10 million 3.34%
Senior Unsecured Notes due May 30,
2028 and US$40 million
3.54% Senior Unsecured Notes due May 30,
2033.
The debt offering was privately placed with
institutional investors in the United
States with J. P. Morgan Securities LLC acting as placement
agent. Proceeds from the offering will be used to repay
short-term indebtedness and for general corporate purposes,
including 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 of the Company." He added that "CUC's
strong credit ratings help secure access to efficient capital
markets. Significant capital investments are necessary
to sustain a reliable electricity service to Grand Cayman, to which CUC has remained
committed for over 47 years."
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 provides electricity to Grand Cayman, Cayman
Islands, under a non-exclusive Electricity Generation
Licence expiring in 2029 and an exclusive Electricity Transmission
and Distribution Licence expiring in 2028. Further
information is available at www.cuc-cayman.com.
Caribbean Utilities Company, Ltd. ("CUC" or
"the Company"), on occasion, includes forward-looking statements in
its media releases, Canadian securities regulatory authorities
filings, shareholder reports and other communications.
Forward-looking statements include statements that are predictive
in nature, depend upon future events or conditions, or include
words such as "expects", "anticipates", "plan", "believes",
"estimates", "intends", "targets", "projects", "forecasts",
"schedule", or negative versions thereof and other similar
expressions, or future or conditional verbs such as "may", "will",
"should", "would" and "could". Forward-looking statements are
based on underlying assumptions and management's beliefs, estimates
and opinions, and are subject to certain risks and uncertainties
surrounding future expectations generally that may cause actual
results to vary from plans, targets and estimates. Such risks and
uncertainties include but are not limited to operational, general
economic, market and business conditions, regulatory developments
and weather conditions. CUC cautions readers that actual results
may vary significantly from those expected should certain risks or
uncertainties materialize or should underlying assumptions prove
incorrect. Forward-looking statements are provided for the
purpose of providing information about management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise except as
required by law.
SOURCE Caribbean Utilities Company, Ltd.