Private Placement Calendar

Upcoming Closings

January 21

CITY OF LONDON INVESTMENT TRUST PLC: £35 million of 4.53% 15-year notes due Jan. 22, 2029; proceeds to enhance the trust's long-term performance and provide it with greater balance between its short- and long-term debt; J.P. Morgan Cazenove as placement agent; trust managed by London-based Henderson Global Investors.

January 30

SOUTH JERSEY GAS CO.: $30 million tranche B notes due Jan. 30, 2030; Folsom, N.J., natural gas service provider and the principal subsidiary of South Jersey Industries.

January

MATSON, INC.: $100 million of 30-year 4.35% senior notes with a weighted average life of about 14.5 years; proceeds for general corporate purposes; Honolulu-based ocean transportation and logistics company.

February 27

ARTHUR J. GALLAGHER & CO.: $600 million of senior unsecured notes issued as $325 million of 4.58% series H notes due in 2024; $175 million of 4.73% series I notes due 2026; and $100 million of 4.98% series J notes due 2029; proceeds to pay down line of credit facility; Itasca, Ill.-based insurance brokerage and risk management services company.

OTTER TAIL POWER CO.: $60 million of 4.68% series A senior unsecured notes due Feb. 27, 2029 and $90 million of 5.47% series B senior unsecured notes due Feb. 27, 2044; Otter Tail Power may prepay all or any part of the notes at 100% of the principal amount prepaid, together with accrued interest and a make-whole amount; proceeds to retire Otter Tail Power's $40.9 million senior unsecured term loan and to repay short-term debt; J.P. Morgan Securities LLC acted as placement agent; a Fergus Falls, Minn.-based electric utility company.

February

ABP ACQUISITIONS UK LTD.: $80 million notes due 2023 and $155 million notes due 2024; proceeds to repay an equivalent amount of company's existing bank facilities; a subsidiary of ABPA Holdings Ltd., a London-based port operator.

DEXUS PROPERTY GROUP: $200 million (A$225 million) notes; maturities of 10, 11 and 13 years, with an average duration of 12 years; average U.S. margin of 170 basis points; proceeds to fund ongoing financing requirements including fund-through developments at 480 Queen Street in Brisbane and Kings Square in Perth; Sydney, Australia-based industrial property owner and manager.

March 26

UGI UTILITIES, INC.: $175 million of 4.98% senior notes due March 26, 2044; proceeds to refinance existing debt and for other general corporate purposes; the notes have a make-whole call at Treasuries plus 50 basis points; UGI is a subsidiary of King of Prussia, Pa.-based holding company UGI Corp.

April 8

KEYERA CORP.: C$75 million of 5.34% notes due April 8, 2029; proceeds to pay down existing credit facilities and to fund ongoing capital expenditure program; Calgary, Alta., natural gas midstream operator.

May 15

CHESAPEAKE UTILITIES CORP.: $50 million of 3.88% senior notes, series B, due May 15, 2029; $5 million annual principal payments due beginning May 15, 2020; prepayable in whole or in part at any time upon payment of a prepayment premium; proceeds to reduce short-term borrowings under the company's lines of credit and to fund capital expenditures; a Dover, Del.-based diversified utility company.

June 30

PRIMARY HEALTH PROPERTIES LLC subsidiary PHP Bond Finance plc: £10,000,200 portion of £70 million placement of floating-rate secured bonds due 2025; interest rate is Libor plus 220 bps; via arranger Debt Capital Markets LLP; £59,999,800 portion of placement settled Nov. 4; proceeds to be used to maintain and develop property and/or to repay debt; London-based provider of primary health-care facilities.

June

HAMMERSON plc: two tranches of fixed-rate seven-, 10- and 12-year notes totaling $443 million with nine U.S. institutions; notes are denominated in dollars, British pounds sterling and euros, with the dollar portion being swapped to fixed euro; the weighted average coupon is 3.6%; the weighted average maturity is nine years; the equivalent nominal value is £277 million; BofA Merrill Lynch, JPMorgan and Barclays are the agents; proceeds will be used to partly refinance upcoming bond maturities including €480 million of 4.875% eurobonds due 2015; London-based real estate investment trust.

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