By Lisa Kerner
Charlotte, N.C., May 30 - Caribbean Utilities Co., Ltd. announced the closing of a private placement of senior notes totaling $50 million with U.S. institutional investors.
The notes were issued as $10 million of 3.34% senior notes due May 30, 2028 and $40 million of 3.54% senior notes due May 30, 2033.
Proceeds will be used to repay short-term debt and for general corporate purposes including capital expenditures.
J.P. Morgan Securities LLC was the placement agent.
The notes will not be registered under the Securities Act of 1933 as amended, nor will they be registered under any state securities laws.
Caribbean Utilities provides electrical service to Grand Cayman, Cayman Islands.
| Issuer: | Caribbean Utilities Co., Ltd.
|
| Issue: | Senior notes
|
| Amount: | $50 million
|
| Agent: | J.P. Morgan Securities LLC
|
| Distribution: | Private placement
|
| Settlement date: | May 30
|
|
|
| 15-year notes
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| Amount: | $10 million
|
| Maturity: | May 30, 2028
|
| Coupon: | 3.34%
|
|
|
| 20-year notes
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| Amount: | $40 million
|
| Maturity: | May 30, 2033
|
| Coupon: | 3.54%
|
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