By Lisa Kerner
Charlotte, N.C., Nov. 4 - UIL Holdings Corp. subsidiary United Illuminating Co. placed $75 million of 3.95% senior notes due 2023 with institutional investors on Oct. 25.
Proceeds were used to repay short-term debt, according to a 10-Q filing with the Securities and Exchange Commission.
UIL subsidiary Connecticut Natural Gas Corp. sold $25 million of 4.3% senior notes due 2028 and $20 million of 5.23% notes due 2043 to a group of qualified institutional buyers on Oct. 25.
Connecticut Natural Gas used $20 million of the net proceeds to replenish cash that had been used to repay $20 million of debt that matured in September 2013 and expects to use $20 million of the proceeds to repay $20 million of 6.5% medium-term notes, series D, due Dec. 15, 2013. The remaining proceeds will be used for capital expenditures and general corporate purposes.
Also on Oct. 25, UIL subsidiary Berkshire Gas Co. agreed to place $15 million of 5.33% 20-year senior notes on Dec. 10 with accredited investors.
Proceeds are expected to be used for capital expenditures, repayment of short-term debt, general working capital, environmental expenditures and issuance fees and expenses.
UIL Holdings is a New Haven, Conn.-based diversified energy delivery company.
| Issuers: | United Illuminating Co., Connecticut Natural Gas Corp., Berkshire Gas Co.
|
| Issue: | Senior notes
|
| Amount: | $135 million
|
| Distribution: | Private placement
|
|
|
| United Illuminating notes
|
| Amount: | $75 million
|
| Coupon: | 3.95%
|
| Maturity: | Oct. 25, 2023
|
| Settlement date: | Oct. 25
|
|
|
| Connecticut Natural Gas notes
|
| Amount: | $25 million
|
| Coupon: | 4.3%
|
| Maturity: | Oct. 25, 2028
|
| Settlement date: | Oct. 25
|
|
|
| Amount: | $20 million
|
| Coupon: | 5.23%
|
| Maturity: | Oct. 25, 2043
|
| Settlement date: | Oct. 25
|
|
|
| Berkshire Gas notes
|
| Amount: | $15 million
|
| Coupon: | 5.33%
|
| Maturity: | Dec. 10, 2043
|
| Settlement date: | Dec. 10
|
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