Published on 11/3/2017 in the Prospect News Private Placement Daily.
New Issue: Unitil subsidiaries place $90 million five-tranche senior notes issue
By Devika Patel
Knoxville, Tenn., Nov. 3 – Unitil Corp. natural gas distribution utility subsidiary, Northern Utilities, Inc., electric and natural gas distribution utility subsidiary, Fitchburg Gas and Electric Light Co., and natural gas transmission pipeline company, Granite State Gas Transmission, Inc., sold $90 million total of senior notes through a private placement on Nov. 1, according to an 8-K filed with the Securities and Exchange Commission. The deal priced on April 21.
Northern Utilities sold $20 million of notes due 2027 at 3.52% and $30 million of notes due 2047 at 4.32%. The investors were Great-West Life & Annuity Insurance Co., Canada Life Insurance Co. of Canada, Thrivent Financial for Lutherans, American Equity Investment Life Insurance Co., Metropolitan Life Insurance Co., MetLife Insurance K.K., Pacific Life & Annuity Co., CMFG Life Insurance Co., American United Life Insurance Co. and Companion Life Insurance Co.
Fitchburg sold $10 million of notes due 2027 at 3.52% and $15 million of notes due 2047 at 4.32%. The investors were Great-West Life & Annuity Insurance Co., Great-West Life Assurance Co., Thrivent Financial for Lutherans, American Equity Investment Life Insurance Co., Metropolitan Life Insurance Co., MetLife Insurance K.K., Pacific Life & Annuity Co., CMFG Life Insurance Co., The State Life Insurance Co. and Companion Life Insurance Co.
Granite State sold $15 million of notes due 2027 at 3.72%. The investors were Thrivent Financial for Lutherans, American Equity Investment Life Insurance Co. and CMFG Life Insurance Co.
The subsidiaries plan to use proceeds from the offering to refinance higher-cost long-term debt that is maturing later in 2017, to repay short-term debt and for general corporate purposes.
This long-term financing is expected to close in the fourth quarter of 2017.
Unitil is a gas and electric utility based in Hampton, N.H.
| Issue: | Senior notes
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| Amount: | $90 million
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| Pricing date: | April 21
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| Settlement date: | Nov. 1
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| Distribution: | Private placement
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| Northern Utilities notes
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| Issuer: | Northern Utilities, Inc.
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| Amount: | $50 million
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| Maturity: | 2027 for $20 million, 2047 for $30 million
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| Coupon: | 3.52% for 2027 notes, 4.32% for 2047 notes
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| Investors: | Great-West Life & Annuity Insurance Co., Canada Life Insurance Co. of Canada, Thrivent Financial for Lutherans, American Equity Investment Life Insurance Co., Metropolitan Life Insurance Co., MetLife Insurance K.K., Pacific Life & Annuity Co., CMFG Life Insurance Co., American United Life Insurance Co. and Companion Life Insurance Co.
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| Fitchburg notes
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| Issuer: | Fitchburg Gas and Electric Light Co.
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| Amount: | $25 million
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| Maturity: | 2027 for $10 million, 2047 for $15 million
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| Coupon: | 3.52% for 2027 notes, 4.32% for 2047 notes
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| Investors: | Great-West Life & Annuity Insurance Co., Great-West Life Assurance Co., Thrivent Financial for Lutherans, American Equity Investment Life Insurance Co., Metropolitan Life Insurance Co., MetLife Insurance K.K., Pacific Life & Annuity Co., CMFG Life Insurance Co., The State Life Insurance Co. and Companion Life Insurance Co.
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| Granite State notes
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| Issuer: | Granite State Gas Transmission, Inc.
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| Amount: | $15 million
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| Maturity: | 2027
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| Coupon: | 3.72%
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| Investors: | Thrivent Financial for Lutherans, American Equity Investment Life Insurance Co. and CMFG Life Insurance Co.
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