CANADIAN UTILITIES LIMITED ANNOUNCES CLOSING OF PREFERRED SHARE ISSUE

Executive Summary

• Canadian Utilities Limited closed its public offering of 8,050,000 Cumulative Redeemable Second Preferred Shares (Series JJ), raising gross proceeds of $201.25 million.
• The shares began trading on the Toronto Stock Exchange under the ticker CU.PR.K.
• Proceeds are earmarked for capital expenditures and general corporate purposes, strengthening the company’s balance sheet and funding future growth initiatives.

Key Details

• Offering Size: 8,050,000 Series JJ Preferred Shares issued.
• Gross Proceeds: $201,250,000, inclusive of full exercise of underwriters’ over‑allotment option.
• Underwriter Syndicate: Co‑led by BMO Capital Markets and RBC Capital Markets; participants also included TD Securities Inc., Scotiabank, CIBC Capital Markets, National Bank Financial Inc., and ATB Capital Markets.
• Trading Symbol: CU.PR.K on the Toronto Stock Exchange, effective the day of closing.
• Use of Proceeds: Allocation to capital expenditures and other general corporate purposes.
• Share Characteristics: Cumulative Redeemable Second Preferred Shares – Series JJ (details of dividend rate, redemption terms, etc., are disclosed in the offering documents).
• Company Context: Canadian Utilities Limited is an ATCO subsidiary with approximately 9,100 employees and $24 billion in assets, operating diversified energy infrastructure businesses across electricity, natural gas, and international segments.

Notable Quotes

(No direct quotes were provided in the release.)