By Lisa Kerner
Charlotte, N.C., Aug. 7 – Unitil Corp. subsidiary Northern Utilities, Inc. priced $50 million of 4.42% senior notes due 2044 on Wednesday.
Proceeds will be used to repay short-term debt and for general corporate purposes, according to an 8-K filing with the Securities and Exchange Commission.
The issuer anticipates closing this long-term financing in the fourth quarter of 2014.
Northern Utilities offered the notes principally to institutional investors under the exemption from registration requirements under section 4(a)(2) of the Securities Act of 1933, as amended.
Unitil is a New England gas and electric utility based in Hampton, N.H., and Northern Utilities is a natural gas distribution utility.
| Issuer: | Northern Utilities, Inc.
|
| Issue: | Senior notes
|
| Amount: | $50 million
|
| Maturity: | 2044
|
| Coupon: | 4.42%
|
| Pricing date: | Aug. 6
|
| Settlement: | Fourth quarter of 2014
|
| Distribution: | Private placement
|
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