Unitil Corporation (NYSE: UTL - News; www.unitil.com) announced today that it priced a public offering of 2.4 million newly issued shares of common stock at a public offering price of $20.00 per share. Unitil has also granted the underwriters a 30-day option to purchase up to an additional 360,000 shares to cover any over-allotments.
Net proceeds from this offering will be used (i) to repay all amounts outstanding under the bridge credit facility that was used to partially finance the acquisitions of Northern Utilities, Inc. and Granite State Gas Transmission, Inc., which closed on December 1, 2008, and the related costs and expenses and (ii) for other general corporate purposes, including capital contributions to its distribution utilities and repayment of short-term debt.
RBC Capital Markets Corporation is acting as lead underwriter for the offering. The co-managers for the offering are Janney Montgomery Scott LLC., Oppenheimer & Co. Inc., Brean Murray, Carret & Co., LLC., and Edward D. Jones & Co., L.P.
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