Caribbean Utilities Company, Ltd. Announces Second Closing of Second Tranche of Private Placement of 5.65% Senior Unsecured Notes Due June 1, 2022



    GRAND CAYMAN, Cayman Islands, Nov. 30 /CNW/ - Caribbean Utilities
Company, Ltd. ("CUC") announced today the closing of the second tranche of a
US$40 million private placement of 5.65% Senior Unsecured Notes due June 1,
2022. The first tranche, closed June 1, 2007, was in the amount of
US$30 million and the second tranche, closed today is in the amount of
US$10 million.
    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
securities laws.

    CUC is the sole provider of electricity to Grand Cayman, Cayman Islands
and operates under a 25-year exclusive License with the Government of the
Cayman Islands, which expires in January 2011. Further information is
available at www.cuc-cayman.com.

    Caribbean Utilities Company, Ltd. ("CUC" or "the Company"), on occasion,
includes forward-looking statements in its media releases, Canadian securities
regulatory authorities filings, shareholder reports and other communications.
Forward-looking statements are based on underlying assumptions by their very
nature and are subject to certain risks and uncertainties that may cause
actual results to vary from plans, targets and estimates. Such risks and
uncertainties include but are not limited to general economic, market and
business conditions, regulatory developments and weather conditions. CUC
cautions readers that actual results may vary significantly from those
expected should certain risks or uncertainties materialize or should
underlying assumptions prove incorrect. The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.

    %SEDAR: 00002251E




For further information:

For further information: Doug Murray, Corporate Secretary, Phone: (345)
914-1245, E-Mail: dmurray@cuc.ky; Letitia Lawrence, Vice President, Finance
and Corporate Services and Chief Financial Officer, Phone: (345) 914-1124,
E-Mail: llawrence@cuc.ky


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