Hampton, NH - May 27, 2009 - Unitil Corporation (NYSE:UTL) (www.unitil.com) announced today that it has closed on the Company's public offering of 2.4 million shares of common stock, which priced on May 20, 2009 at $20.00 per share. The net proceeds of approximately $45.5 million were primarily used to repay the remaining portion outstanding under the bridge credit facility (approximately $39.1 million) that Unitil used to finance the acquisition of Northern Utilities, Inc. and Granite State Gas Transmission, Inc., which closed December 1, 2008. The remainder of the net proceeds will be used for other general corporate purposes. Unitil has also granted the underwriters a 30-day option to purchase up to an additional 360,000 shares to cover any over-allotments.
RBC Capital Markets Corporation acted as the sole bookrunner for the offering. The co-managers for the offering were Janney Montgomery Scott LLC., Oppenheimer & Co. Inc., Brean Murray, Carret & Co., LLC., and Edward D. Jones & Co., L.P.
A copy of the final prospectus supplement and the accompanying base prospectus relating to this offering may be obtained from RBC Capital Markets Corporation, 3 World Financial Center, 8th Floor, 200 Vesey Street, New York, NY 10281, Attention: Equity Syndicate. Phone: 212-428-6670; or from any of the other underwriters.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy shares of the common stock. The shares were offered and sold pursuant to a prospectus supplement filed as part of a shelf registration statement.
Unitil is a public utility holding company with subsidiaries providing electric and natural gas distribution service in New Hampshire and Massachusetts, natural gas distribution service in Maine and energy services throughout the northeast. Unitil serves approximately 170,000 utility customers in three states. Its utility affiliates include Unitil Energy Systems, Inc., Fitchburg Gas and Electric Light Company, Northern Utilities, Inc. and Granite State Gas Transmission, Inc. Its other subsidiaries include Unitil Service Corp. and its non-regulated business segment doing business as Usource.
Forward Looking Statements:
This press release contains forward-looking statements, which are subject to the inherent risks and uncertainties in predicting future results and conditions. All statements, other than statements of historical fact, are forward-looking statements. Certain factors that could cause the actual results to differ materially from those projected in these forward-looking statements include, but are not limited to the following: our ability to integrate the business, operations, and personnel of Northern Utilities and Granite State and to achieve the estimated potential synergy savings attributable to our acquisition of those entities; our ability to retain existing customers and gain new customers; variations in weather; major storms; changes in the regulatory environment; interest rate fluctuation and credit market concerns; customers' preferences on energy sources; general economic conditions; increased competition; fluctuations in supply, demand, transmission capacity and prices for energy commodities; and customers' performance under multi-year energy brokering contracts, all of which are difficult to predict, and many of which are beyond the control of Unitil Corporation.
For more information, visit Unitil at www.unitil.com or call Mark Collin at 603-773-6612.
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