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UIL further extends offer for preferreds, reaches 61.63% tender mark
By Jennifer Chiou
New York, May 7 - UIL Holdings Corp. said its subsidiary, CTG Resources, Inc., once more extended its tender offer for all of the $3.125-par preferred stock issued by its subsidiary, Connecticut Natural Gas Corp., this time to 5 p.m. ET on May 14 from May 6.
The prior deadline was 5 p.m. ET on April 8, according to a company news release.
As of 5 p.m. ET on May 6, 66,999 preferreds, representing 61.63% of the 108,706 outstanding preferreds, had been tendered.
The company had received tenders for 38,953 preferreds, or 35.83% of the securities, as of March 25.
As reported in April, the company increased the offer price to $10.25 per preferred from $7.50 per preferred.
The $10.25 offer price is subject to the condition that at least two-thirds of the preferreds are tendered by the expiration date. If less than two-thirds of the preferreds are tendered, the tendered preferreds will be purchased at the original offer price of $7.50.
The offer was launched on Feb. 3, when the last reported sales price of the preferreds was $5.55. The offer was previously extended from March 25 and, before that, March 4.
Computershare Trust Co., NA is the depositary. Georgeson, Inc. (866 391-6921) is the information agent.
UIL Holdings is a New Haven, Conn.-based diversified energy delivery company.
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