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, Nov.
25, 2014 /CNW/ - Caribbean Utilities Company, Ltd.
(TSX:CUP.U) ("CUC" or "the Company") announced today the closing of
a US$50 million private placement
consisting of US$30 million 3.65%
Senior Unsecured Notes due November 25,
2029, US$5 million 3.85%
Senior Unsecured Notes due November 25,
2034, and US$15 million 4.53%
Senior Unsecured Notes due November
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 MW diesel power plant and other capital expenditures.
President and Chief Executive Officer, Mr. 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 that "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."
The notes will not be registered under the United States
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
2039 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.