New York, May 25 – Caribbean Utilities Co., Ltd. said it completed the $20 million second tranche of its $60 million private placement of senior notes on Thursday.
The company previously closed $40 million on March 27.
CIBC World Markets Corp. is the agent.
The notes were placed with institutional investors in the United States.
The first tranche is due Nov. 25, 2031 pays interest at 3.9% per year.
The second tranche is due Nov. 25, 2048 and pays interest at 4.64% per year.
Proceeds from both tranches will be used to repay short-term debt and finance ongoing additions and upgrades to Caribbean Utilities’ generation and transmission and distribution system.
Caribbean Utilities provides electrical service to Grand Cayman, Cayman Islands.
| Issuer: | Caribbean Utilities Co., Ltd.
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| Issue: | Senior unsecured notes
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| Amount: | $60 million
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| Agent: | CIBC World Markets Corp.
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| Distribution: | Private placement
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| First tranche
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| Amount: | $40 million
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| Maturity: | Nov. 25, 2031
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| Coupon: | 3.9%
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| Settlement date: | March 27
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| Second tranche
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| Amount: | $20 million
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| Maturity: | Nov. 25, 2048
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| Coupon: | 4.64%
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| Settlement date: | May 25
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