CARIBBEAN UTILITIES COMPANY, LTD. CLASS A ORDINARY SHARES ARE LISTED FOR
TRADING IN UNITED STATES FUNDS ON THE TORONTO STOCK EXCHANGE.
GRAND CAYMAN, Cayman Islands, May 30, 2013 /CNW/ - Caribbean Utilities
Company, Ltd. (TSX: CUP.U) ("CUC" or "the Company") announced today the
closing of a US$50 million private placement of US$10 million 3.34%
Senior Unsecured Notes due May 30, 2028 and US$40 million 3.54% Senior
Unsecured Notes due May 30, 2033.
The debt offering was privately placed with institutional investors in
the United States with J. P. Morgan Securities LLC acting as placement
agent. Proceeds from the offering will be used to repay short-term
indebtedness and for general corporate purposes, including capital
President and Chief Executive Officer, Richard Hew stated, "We are
pleased to secure this financing on favourable terms, a reflection of
the continued stability of the Company." He added that "CUC's strong
credit ratings help secure access to efficient capital markets.
Significant capital investments are necessary to sustain a reliable
electricity service to Grand Cayman, to which CUC has remained
committed for over 47 years."
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 provides electricity to Grand Cayman, Cayman Islands, under a
non-exclusive Electricity Generation Licence expiring in 2029 and an
exclusive Electricity Transmission and Distribution Licence expiring in
2028. 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 include statements
that are predictive in nature, depend upon future events or conditions,
or include words such as "expects", "anticipates", "plan", "believes",
"estimates", "intends", "targets", "projects", "forecasts", "schedule",
or negative versions thereof and other similar expressions, or future
or conditional verbs such as "may", "will", "should", "would" and
"could". Forward-looking statements are based on underlying
assumptions and management's beliefs, estimates and opinions, and are
subject to certain risks and uncertainties surrounding future
expectations generally that may cause actual results to vary from
plans, targets and estimates. Such risks and uncertainties include but
are not limited to operational, 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. Forward-looking statements are
provided for the purpose of providing information about management's
current expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. 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 except as required by law.
SOURCE: Caribbean Utilities Company, Ltd.
For further information:
Vice-President Finance & C.F.O.
Phone: (345) 949-5200
Fax: (345) 949-4621