Unitil Announces Common Stock Offering
Unitil Corporation (NYSE: UTL) has announced a registered offering of $65 million worth of common stock shares, with an additional option for underwriters to purchase up to $9.75 million in shares. The company plans to use the proceeds to make equity capital contributions to its regulated utility subsidiaries, repay existing debt, and for general corporate purposes.
The offering will be managed by Wells Fargo Securities, LLC and Scotia Capital (USA) Inc. as active bookrunners, with Janney Montgomery Scott LLC acting as bookrunner. Unitil, which serves approximately 109,400 electric customers and 97,600 natural gas customers in New England, will conduct the offering through a prospectus supplement under its effective registration statement on Form S-3ASR.
Unitil Corporation (NYSE: UTL) ha annunciato un"offerta registrata" di azioni ordinarie per un valore di 65 milioni di dollari, con un'opzione aggiuntiva per gli underwriter di acquistare fino a 9,75 milioni di dollari in azioni. La societ脿 intende utilizzare i proventi per apporti di capitale azionario alle sue controllate regolamentate, per rimborsare debito esistente e per scopi aziendali generali.
L"offerta sar脿 gestita come lead da Wells Fargo Securities, LLC e Scotia Capital (USA) Inc., con Janney Montgomery Scott LLC come bookrunner. Unitil, che serve circa 109.400 clienti elettrici e 97.600 clienti di gas naturale nel New England, effettuer脿 l"operazione tramite un supplemento al prospetto nell"ambito del suo statement di registrazione valido sul modulo S-3ASR.
Unitil Corporation (NYSE: UTL) ha anunciado una oferta registrada de acciones ordinarias por un importe de 65 millones de d贸lares, con una opci贸n adicional para que los suscriptores compren hasta 9,75 millones de d贸lares en acciones. La compa帽铆a planea destinar los fondos a aportes de capital a sus filiales reguladas, al pago de deuda existente y a fines corporativos generales.
La colocaci贸n estar谩 dirigida por Wells Fargo Securities, LLC y Scotia Capital (USA) Inc. como bookrunners activos, y Janney Montgomery Scott LLC actuar谩 como bookrunner. Unitil, que atiende a aproximadamente 109.400 clientes el茅ctricos y 97.600 clientes de gas natural en Nueva Inglaterra, realizar谩 la oferta mediante un suplemento al prospecto bajo su estado de registro vigente en el Formulario S-3ASR.
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Unitil Corporation (NYSE: UTL) a annonc茅 une offre enregistr茅e d'actions ordinaires d'un montant de 65 millions de dollars, avec une option suppl茅mentaire permettant aux souscripteurs d'acheter jusqu'脿 9,75 millions de dollars d'actions. La soci茅t茅 pr茅voit d'utiliser le produit pour des apports en capital aux filiales r茅glement茅es, le remboursement de dettes existantes et des besoins g茅n茅raux d'entreprise.
L'op茅ration sera men茅e par Wells Fargo Securities, LLC et Scotia Capital (USA) Inc. en tant que bookrunners principaux, Janney Montgomery Scott LLC agissant comme bookrunner. Unitil, qui dessert environ 109 400 clients 茅lectriques et 97 600 clients de gaz naturel en Nouvelle-Angleterre, r茅alisera l'offre au moyen d'un suppl茅ment au prospectus dans le cadre de son enregistrement effectif sur le formulaire S-3ASR.
Unitil Corporation (NYSE: UTL) hat ein registriertes Angebot von Stammaktien im Umfang von 65 Millionen US-Dollar angek眉ndigt, mit einer zus盲tzlichen Option f眉r die Zeichner, bis zu 9,75 Millionen US-Dollar an Aktien zu erwerben. Das Unternehmen beabsichtigt, die Erl枚se f眉r Eigenkapitalzuf眉hrungen an seine regulierten Versorgungstochtergesellschaften, zur R眉ckzahlung bestehender Schulden und f眉r allgemeine Unternehmenszwecke zu verwenden.
Die Platzierung wird von Wells Fargo Securities, LLC und Scotia Capital (USA) Inc. als aktive Bookrunner geleitet, Janney Montgomery Scott LLC fungiert als Bookrunner. Unitil, das in Neuengland rund 109.400 Stromkunden und 97.600 Erdgas颅kunden betreut, f眉hrt das Angebot 眉ber einen Prospekterg盲nzungsbericht im Rahmen seines wirksamen Registrierungs颅formulars S-3ASR durch.
- Proceeds will strengthen regulated utility subsidiaries through equity capital contributions
- Debt reduction through repayment of credit agreement obligations
- Strong underwriting support from major financial institutions
- Potential dilution of existing shareholders' equity
- Stock offering subject to market conditions and may not complete
- Additional shares may be sold through underwriters' option, increasing potential dilution
Insights
Unitil's $65M stock offering will dilute existing shares but strengthen balance sheet by funding utilities and reducing debt.
Unitil Corporation (NYSE: UTL) has announced a
The proceeds will be allocated to three key areas: making equity capital contributions to regulated utility subsidiaries, repaying outstanding debt under their credit agreement, and general corporate purposes. This capital allocation strategy indicates the company is balancing infrastructure investment with deleveraging efforts.
For current shareholders, this offering will result in dilution of ownership stakes, as new shares enter the market. The magnitude of dilution depends on the offering price, which hasn't been disclosed yet. With Wells Fargo Securities and Scotia Capital serving as active bookrunners, the offering brings institutional credibility but remains subject to market conditions.
From a balance sheet perspective, the transaction will strengthen Unitil's equity position while reducing debt obligations. For regulated utilities, maintaining healthy equity levels in operating subsidiaries is crucial for regulatory compliance and supports future rate case outcomes. The debt reduction component will likely improve interest coverage ratios and potentially enhance financial flexibility.
Investors should note this offering comes within a challenging utility sector environment characterized by rising interest rates impacting capital costs and ongoing infrastructure requirements to address climate initiatives and system reliability.
HAMPTON, N.H., Aug. 14, 2025 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) () (the 鈥淐ompany鈥�) today announced a registered offering of
The Company鈥檚 common stock is listed on the New York Stock Exchange under the symbol 鈥淯TL.鈥�
The Company has granted the underwriters of the offering an option to purchase up to an additional
The Company intends to use the net proceeds from the offering to (i) make equity capital contributions to its regulated utility subsidiaries, (ii) to repay indebtedness outstanding under its Second Amendment to Third Amended and Restated Credit Agreement dated January 29, 2025 among the Company, Bank of America, N.A. (as administrative agent), and the lenders named therein and (iii) for general corporate purposes.
Wells Fargo Securities, LLC and Scotia Capital (USA) Inc. are acting as active bookrunners for the offering. Janney Montgomery Scott LLC is acting as bookrunner for the offering.
The proposed 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.
The offering of common stock will be made by means of a prospectus supplement under the Company鈥檚 effective registration statement on Form S-3ASR, as filed with the Securities and Exchange Commission (鈥淪EC鈥�).
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor does it constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering may be made only by means of a prospectus supplement relating to such offering and the accompanying prospectus. 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. To obtain a copy of the prospectus supplement and related base prospectus for this offering, please contact Wells Fargo Securities, LLC, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at (800)-645-3751 (option #5) or email a request to [email protected].
About Unitil Corporation
Unitil Corporation provides energy for life by safely and reliably delivering electricity and natural gas in New England. We are committed to the communities we serve and to developing people, business practices, and technologies that lead to the delivery of dependable, more efficient energy. Unitil Corporation is a public utility holding company with operations in Maine, New Hampshire and Massachusetts. Together, Unitil鈥檚 operating utilities serve approximately 109,400 electric customers and 97,600 natural gas customers. For more information about our people, technologies, and community involvement please visit .
Forward-Looking Statements
This press release contains forward-looking statements. All statements, other than statements of historical fact, included in this press release are forward-looking statements. Forward-looking statements include declarations regarding Unitil鈥檚 beliefs and current expectations. These forward-looking statements are subject to the inherent risks and uncertainties in predicting future results and conditions that could cause the actual results to differ materially from those projected in these forward-looking statements. Some, but not all, of the risks and uncertainties include the following: the ability of the parties to consummate the offering in a timely manner or at all; Unitil鈥檚 regulatory environment (including regulations relating to climate change, greenhouse gas emissions and other environmental matters); fluctuations in the supply of, the demand for, and the prices of, energy commodities and transmission and transportation capacity and Unitil鈥檚 ability to recover energy commodity costs in its rates; customers鈥� preferred energy sources; severe storms and Unitil鈥檚 ability to recover storm costs in its rates; general economic conditions; variations in weather; long-term global climate change; unforeseen or changing circumstances, which could adversely affect the reduction of company-wide direct greenhouse gas emissions; Unitil鈥檚 ability to retain its existing customers and attract new customers; increased competition; and other risks detailed in Unitil鈥檚 filings with the SEC. These forward-looking statements speak only as of the date they are made. Unitil undertakes no obligation, and does not intend, to update these forward-looking statements except as required by law.
For more information please contact:
Christopher Goulding 鈥� Investor Relations
Phone: 603-773-6466
Email:
FAQ
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