GRAND CAYMAN, Cayman Islands, June 1 /CNW/ - Caribbean Utilities Company,
Ltd. ("CUC") announced today the closing of the first tranche of a
US$40 million private placement of 5.65% Senior Unsecured Notes due June 1,
2022. The first tranche was in the amount of US$30 million and the second
tranche of US$10 million is scheduled to close in December 2007.
The debt offering was privately placed with one institutional investor in
the United States. Proceeds from the offering will be used to repay short-term
indebtedness and to finance ongoing additions to CUC's generation capacity and
transmission and distribution system.
The notes will not be registered under the Securities Act of 1933 (the
"Securities Act") as amended, nor will they be registered under any state
securities laws. Unless so registered, the notes may not be offered or sold
except pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable state
CUC operates the only public electrical utility on Grand Cayman, Cayman
Islands pursuant to a 25-year exclusive Licence from the Government of the
Cayman Islands entered in 1986. CUC's Class A Ordinary Shares are listed in
United States funds on the Toronto Stock Exchange (trading symbol: CUP.U).
For further information:
For further information: Rob Imparato, Company Secretary and Chief
Governance Officer, Phone: (345) 914-1245, E-Mail: firstname.lastname@example.org; Eddinton
Powell, Senior VP, Finance and Corporate Services and Chief Financial Officer,
Phone: (345) 914-1120, E-Mail: email@example.com