Canadian Utilities Limited Announces Increase to Preferred Share Issue
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 03/05/13 -- Canadian Utilities Limited announced today that as a result of strong investor demand for its previously announced offering of Cumulative Redeemable Second Preferred Shares Series CC, the size of the offering has been increased to 7,000,000 million shares. The aggregate gross proceeds will now be $175 million. The proceeds will be used for capital expenditures, to repay indebtedness and for other general corporate purposes.
The Series CC 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 June 1, 2018, the Corporation may redeem the Series CC Preferred Shares in whole or in part from time to time, at $26.00 per share if redeemed during the 12 months commencing June 1, 2018, at $25.75 per share if redeemed during the 12 months commencing June 1, 2019, at $25.50 per share if redeemed during the 12 months commencing June 1, 2020, at $25.25 per share if redeemed during the 12 months commencing June 1, 2021, and at $25.00 per share if redeemed on or after June 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 March 19, 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 $13 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 .
Contacts:
Canadian Utilities Limited
B.R. (Brian) Bale
Senior Vice President & Chief Financial Officer
(403) 292-7502
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Datum: 05.03.2013 - 18:16 Uhr
Sprache: Deutsch
News-ID 1203833
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Utilities
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