Unitil launches stock offering
December 13. 2017 12:10AM
HAMPTON — Unitil Corp. (NYSE:UTL) announced Tuesday that it priced a public offering of 600,000 newly issued shares of common stock at a public offering price of $48.30 per share.
Unitil has also granted the underwriters a 30-day option to purchase up to an additional 90,000 shares.
Net proceeds from this offering will be used to make equity capital contributions to Unitil’s regulated utility subsidiaries — primarily to its regulated natural gas subsidiary — to repay short-term debt and for general corporate purposes.
The offering is expected to close Dec. 14.
RBC Capital Markets, LLC and BofA Merrill Lynch are acting as joint book-running managers.
A copy of the final prospectus supplement and the accompanying prospectus relating to the offering will be available at www.sec.gov.