DOVER,
Del., Nov. 10, 2023 /PRNewswire/
-- Chesapeake Utilities Corporation (NYSE: CPK) today
announced the pricing of an underwritten public offering of
3,859,649 shares of its common stock at an offering price of
$85.50 per share. In connection with
the offering, the underwriters have been granted a 30-day option to
purchase up to 578,947 additional shares of the Company's common
stock. The offering is expected to close on November 14, 2023, subject to the satisfaction of
customary closing conditions. The net proceeds from the offering,
after deducting underwriting discounts and commissions and before
estimated offering expenses, are expected to be $319.2 million (not including any exercise by the
underwriters of their option to purchase additional shares). The
net proceeds will be used to fund, in part, the acquisition of
Florida City Gas, which is expected to close in the fourth quarter
of 2023, and to pay related fees and expenses.
Barclays Capital Inc., RBC Capital Markets, LLC and Wells Fargo
Securities, LLC are acting as joint lead book-running managers for
the offering. Citizens JMP Securities, LLC, PNC Capital Markets
LLC, M&T Securities, Inc. and Janney Montgomery Scott LLC are
acting as senior co-managers for the offering. Ladenburg Thalmann
& Co. Inc., Maxim Group LLC, Sidoti & Company, LLC and
Siebert Williams Shank & Co. LLC
acted as co-managers for the offering.
A registration statement relating to the offering of common
stock has been filed with the U.S. Securities and Exchange
Commission (SEC) and became effective upon filing on August 31, 2023. A final prospectus supplement
and accompanying prospectus relating to the common stock offered
will be filed with the SEC and will be available on the SEC's
website at www.sec.gov. When available, copies of the final
prospectus supplement and accompanying prospectus relating to the
common stock offering may be obtained by contacting Barclays
Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, New York 11717,
barclaysprospectus@broadridge.com, (888) 603-5847; RBC Capital
Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street,
8th Floor, New York, New York
10281, by telephone at (877) 822-4089, or by emailing
equityprospectus@rbccm.com; and Wells Fargo Securities, LLC,
Attention: Equity Syndicate Department, 500 West 33rd Street,
New York, New York, 10001, at
(800) 645-3751(option #5) or email a request to
cmclientsupport@wellsfargo.com.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, shares of Chesapeake's common
stock and will not constitute an offer, solicitation or sale in any
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Chesapeake Utilities Corporation:
Chesapeake Utilities Corporation is a diversified energy
delivery company, listed on the New York Stock Exchange. Chesapeake
Utilities Corporation offers sustainable energy solutions through
its natural gas transmission and distribution, electricity
generation and distribution, propane gas distribution, mobile
compressed natural gas utility services and solutions, and other
businesses. For more information, visit www.chpk.com.
Please note that Chesapeake Utilities Corporation has no
affiliation with Chesapeake Energy, an oil and natural gas
exploration company headquartered in Oklahoma City, Oklahoma.
For more information, contact:
Beth W. Cooper
Executive Vice President, Chief Financial Officer, Treasurer and
Assistant Corporate Secretary
302.734.6022
Michael Galtman
Senior Vice President and Chief Accounting Officer
302.217.7036
Cautionary Statements Regarding Forward-Looking
Information:
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act"), Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995. One can typically identify
forward-looking statements by the use of forward-looking words,
such as "project," "believe," "expect," "anticipate," "intend,"
"plan," "estimate," "continue," "potential," "forecast" or other
similar words, or future or conditional verbs such as "may,"
"will," "should," "would" or "could." In particular,
statements as to the offering, its size, the use of proceeds and
potential completion, and the timing of the completion of the
acquisition of Florida City Gas, are forward-looking statements.
These statements are based on our current intentions, plans,
expectations, assumptions and beliefs. Forward-looking statements
speak only as of the date they are made or as of the date
indicated. All forward-looking statements are subject to
a number of important factors, risks, uncertainties and assumptions
that could cause actual results to differ materially from those
described in any forward-looking statements. These factors and
risks include, but are not limited to, unanticipated developments
that could prevent, delay or negatively impact the amount of,
timing of, or the completion of, the offering and the occurrence of
any event, change or other circumstance that could cause the
acquisition not to close in the anticipated timeframe or at all due
to one or more of the closing conditions to the transaction not
being satisfied or waived. These factors are in
addition to the financial, operational and legal risks and
uncertainties detailed from time to time in the Company's filings
with the Securities and Exchange Commission. Applicable risks also
include those identified under "Safe Harbor for Forward-Looking
Statements" and Item 1A, "Risk Factors" in our Annual Report on
Form 10-K and under the heading "Risk Factors" included
in the preliminary prospectus supplement for the offering and in
any subsequent filings with the SEC.
In light of these risks, uncertainties, and assumptions, the
events described in the forward-looking statements might not occur
or might occur to a different extent or at a different time than we
have described. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise. You are cautioned not to
place undue reliance on any forward-looking statements.
View original
content:https://www.prnewswire.com/news-releases/chesapeake-utilities-announces-pricing-of-public-offering-of-common-stock-301984686.html
SOURCE Chesapeake Utilities Corporation