Canadian Utilities closes $201.25-million offering

Executive Summary

• Canadian Utilities Ltd. has closed its previously announced public offering of cumulative redeemable second preferred shares, Series JJ.
• The offering was co-led by BMO Capital Markets and RBC Capital Markets, with full exercise of the underwriters' overallotment option.
• Gross proceeds totaled $201.25 million, to be used for capital expenditures and general corporate purposes.

Key Details

• Issuer: Canadian Utilities Ltd.
• Instrument: Cumulative redeemable second preferred shares, Series JJ.
• Trading Symbol: CU.PR.K on the Toronto Stock Exchange.
• Quantity Issued: 8.05 million Series JJ preferred shares.
• Gross Proceeds: $201.25 million.
• Underwriters: Syndicate co-led by BMO Capital Markets and RBC Capital Markets; includes TD Securities Inc., Scotiabank, CIBC Capital Markets, National Bank Financial Inc., and ATB Capital Markets.
• Overallotment: The full exercise of the underwriters' overallotment option was included in the closing.
• Use of Proceeds: Capital expenditures and other general corporate purposes.
• Company Profile: Canadian Utilities is an Atco company with approximately 9,100 employees and assets of $24 billion, operating in electricity/natural gas transmission and distribution, sustainable energy solutions, and international infrastructure.