Canadian Utilities Limited Announces Preferred Share Issue
30 Avril 2013 - 3:37PM
Marketwired
Canadian Utilities Limited announced today it has entered into an
agreement with a syndicate of underwriters co-led by RBC Capital
Markets and BMO Capital Markets, and including TD Securities Inc.,
Scotiabank, CIBC, Canaccord Genuity Corp., and GMP Securities L.P.
The underwriters have agreed to buy 6,000,000 4.50% Cumulative
Redeemable Second Preferred Shares Series DD at a price of $25.00
per share for aggregate gross proceeds of $150,000,000. The
proceeds will be used for capital expenditures, to repay
indebtedness and for other general corporate purposes.
Canadian Utilities Limited has granted the underwriters an
option to purchase at the offering price an additional 2,000,000
Series DD Preferred Shares exercisable in whole or in part at any
time up to 7:00 AM (Calgary time) on the date that is two business
days prior to closing. Should the option be fully exercised, the
total gross proceeds of the Series DD Preferred Share offering will
be $200,000,000.
The Series DD Preferred Shares will be issued to the public at a
price of $25.00 per share and holders will be entitled to receive
fixed cumulative preferential cash dividends, payable quarterly as
and when declared by the Board of Directors of the Corporation at
an annual rate of $1.125 per share, to yield 4.50% annually. On or
after September 1, 2018, the Corporation may redeem the Series DD
Preferred Shares in whole or in part from time to time, at $26.00
per share if redeemed during the 12 months commencing September 1,
2018, at $25.75 per share if redeemed during the 12 months
commencing September 1, 2019, at $25.50 per share if redeemed
during the 12 months commencing September 1, 2020, at $25.25 per
share if redeemed during the 12 months commencing September 1,
2021, and at $25.00 per share if redeemed on or after September 1,
2022.
The offering is being made only in the provinces of Canada by
means of a prospectus supplement and the closing date of the issue
is expected to be on or about May 15, 2013.
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.
Canadian Utilities Limited, an ATCO company, with more than
7,100 employees and assets of approximately $14 billion, delivers
service excellence and innovative business solutions worldwide with
leading companies engaged in utilities (pipelines, natural gas and
electricity transmission and distribution), energy (power
generation, natural gas gathering, processing, storage and liquids
extraction) and technologies (business systems solutions). More
information can be found at www.canadianutilities.com.
Forward-Looking Information:
Certain statements contained in this news release may constitute
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as
"anticipate", "plan", "expect", "may", "will", "intend", "should",
and similar expressions. These statements involve 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 statements. The Corporation believes that the
expectations reflected in the forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon.
The Corporation's actual results could differ materially from
those anticipated in these forward-looking statements as a result
of regulatory decisions, competitive factors in the industries in
which the Corporation operates, prevailing economic conditions, and
other factors, many of which are beyond the control of the
Corporation.
The forward-looking statements contained in this news release
represent the Corporation's expectations as of the date hereof, and
are subject to change after such date. The Corporation 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 under applicable securities
regulations
Contacts: Canadian Utilities Limited B.R. (Brian) Bale Senior
Vice President & Chief Financial Officer (403) 292-7502
Canadian Utilities (TSX:CU.PR.D)
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