Unitil Raises $65M in Registered Stock Offering

Unitil Corporation is a public utility holding company that distributes electricity and natural gas in New Hampshire, Massachusetts, and Maine. The company plans to raise $65 million through a registered stock offering. Unitil operates through two segments: utility electric operations and utility gas operations. Its electric distribution operations are conducted through two utilities, Unitil Energy and Fitchburg, while its natural gas operations include gas distribution and interstate transmission pipeline operations.

Unitil Corporation (NYSE: UTL), a public utility holding company that distributes electricity and natural gas in New Hampshire, Massachusetts, and Maine, has announced a registered offering of $65 million in common stock. The company intends to use the proceeds to make equity capital contributions to its regulated utility subsidiaries, repay debt, and for general corporate purposes. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering [1].

The offering of common stock will be made by means of a prospectus supplement under the Company’s effective registration statement on Form S-3ASR, as filed with the Securities and Exchange Commission (SEC). Wells Fargo Securities, LLC and Scotia Capital (USA) Inc. are acting as active bookrunners for the offering, while Janney Montgomery Scott LLC is acting as bookrunner. The preliminary prospectus supplement and the accompanying prospectus related to the offering will be available on the SEC's website at http://www.sec.gov [1].

Unitil operates through two segments: utility electric operations and utility gas operations. Its electric distribution operations are conducted through Unitil Energy and Fitchburg, while its natural gas operations include gas distribution and interstate transmission pipeline operations [3].

The company's electric distribution operations serve approximately 109,400 customers, while its natural gas operations serve about 97,600 customers [1]. The offering is expected to provide additional capital to support the company's growth and operations, including investments in infrastructure and technology to enhance service reliability and efficiency.

The press release also contains forward-looking statements, which include declarations regarding Unitil’s beliefs and current expectations. These statements are subject to the inherent risks and uncertainties in predicting future results and conditions, including regulatory environment, fluctuations in energy commodity prices, and general economic conditions [1].

For more information, investors can contact Christopher Goulding, Investor Relations, at 603-773-6466 or gouldingc@unitil.com [1].

References:
[1] https://www.morningstar.com/news/globe-newswire/9512901/unitil-announces-common-stock-offering
[2] https://seekingalpha.com/news/4485734-unitil-announces-65m-common-stock-offering
[3] https://www.cnbc.com/quotes/UTL