By Marisa Wong
Morgantown, W.Va., April 24 – Unitil Corp.’s 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., priced $90 million total of senior notes through a private placement on Friday, according to an 8-K filing with the Securities and Exchange Commission.
Northern Utilities priced $20 million of notes due 2027 at 3.52% and $30 million of notes due 2047 at 4.32%.
Fitchburg priced $10 million of notes due 2027 at 3.52% and $15 million of notes due 2047 at 4.32%.
Granite State priced $15 million of notes due 2027 at 3.72%.
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
|
| Amount: | $90 million
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| Pricing date: | April 21
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| Settlement date: | Fourth quarter 2017
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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
|
| Maturity: | 2027 for $20 million, 2047 for $30 million
|
| Coupon: | 3.52% for 2027 notes and 4.32% for 2047 notes
|
|
|
| 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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| 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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