Unitil Closes Common Stock Offering and Full Exercise of Underwriters鈥� Over-Allotment Option
Unitil Corporation (NYSE: UTL) has successfully closed its previously announced public offering of 1,602,358 shares of common stock at $46.65 per share, including the full exercise of the underwriters' over-allotment option. The offering generated approximately $74.75 million in proceeds before deducting underwriting costs.
The company plans to use the net proceeds to make equity capital contributions to its regulated utility subsidiaries, repay outstanding debt under its credit agreement, and for general corporate purposes. The offering was conducted through Wells Fargo Securities, LLC and Scotia Capital (USA) Inc. as active bookrunners, with Janney Montgomery Scott LLC acting as bookrunner.
Unitil Corporation (NYSE: UTL) ha completato con successo l'offerta pubblica precedentemente annunciata di 1.602.358 azioni ordinarie a $46,65 per azione, includendo l'esercizio integrale dell'opzione di sovrassegnazione da parte degli intermediari. L'operazione ha generato circa $74,75 milioni di proventi lordi, prima di detrarre i costi di collocamento.
I proventi netti saranno utilizzati per effettuare apporti di capitale alle sue controllate regolamentate nel settore utility, rimborsare debito residuo nell'ambito del suo accordo di credito e per fini societari generali. L'offerta 猫 stata gestita da Wells Fargo Securities, LLC e Scotia Capital (USA) Inc. come co-lead bookrunners, con Janney Montgomery Scott LLC in qualit脿 di bookrunner.
Unitil Corporation (NYSE: UTL) ha cerrado con 茅xito la oferta p煤blica previamente anunciada de 1.602.358 acciones ordinarias a $46,65 por acci贸n, incluyendo el ejercicio completo de la opci贸n de sobreasignaci贸n por parte de los colocadores. La operaci贸n gener贸 aproximadamente $74,75 millones en ingresos brutos, antes de deducir los costes de suscripci贸n.
La compa帽铆a tiene previsto utilizar los ingresos netos para realizar aportes de capital a sus filiales reguladas de servicios p煤blicos, pagar deuda pendiente bajo su acuerdo de cr茅dito y para fines corporativos generales. La oferta fue gestionada por Wells Fargo Securities, LLC y Scotia Capital (USA) Inc. como co-bookrunners activos, con Janney Montgomery Scott LLC actuando como bookrunner.
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Unitil Corporation (NYSE: UTL) a cl么tur茅 avec succ猫s son offre publique pr茅c茅demment annonc茅e portant sur 1 602 358 actions ordinaires au prix de 46,65 $ par action, incluant l'exercice int茅gral de l'option de surallocation des souscripteurs. L'op茅ration a g茅n茅r茅 environ 74,75 millions $ de produits bruts, avant d茅duction des frais de placement.
La soci茅t茅 pr茅voit d'utiliser le produit net pour apporter des capitaux propres 脿 ses filiales de services publics r茅gul茅es, rembourser des dettes en cours au titre de son accord de cr茅dit et pour des besoins g茅n茅raux d'entreprise. L'offre a 茅t茅 men茅e par Wells Fargo Securities, LLC et Scotia Capital (USA) Inc. en tant que co-lead bookrunners, Janney Montgomery Scott LLC intervenant comme bookrunner.
Unitil Corporation (NYSE: UTL) hat seine zuvor angek眉ndigte 枚ffentliche Platzierung erfolgreich abgeschlossen und 1.602.358 Aktien zum Preis von $46,65 je Aktie verkauft, einschlie脽lich der vollst盲ndigen Aus眉bung der Mehrzuteilungsoption der Underwriter. Die Emission brachte vor Abzug der Platzierungskosten rund $74,75 Millionen an Erl枚sen ein.
Die Gesellschaft plant, den Nettoerl枚s f眉r Kapitalzuf眉hrungen an ihre regulierten Versorgungs-Tochtergesellschaften, die Tilgung ausstehender Verbindlichkeiten aus ihrem Kreditvertrag sowie f眉r allgemeine Unternehmenszwecke zu verwenden. Die Platzierung wurde von Wells Fargo Securities, LLC und Scotia Capital (USA) Inc. als aktive Bookrunner durchgef眉hrt, Janney Montgomery Scott LLC war als Bookrunner beteiligt.
- None.
- Stock offering will cause dilution for existing shareholders
- Increased share count may impact earnings per share
Insights
Unitil's $74.75M stock offering strengthens balance sheet but dilutes shareholders by ~10%, supporting regulated utility investments.
Unitil Corporation has successfully completed a
The stock issuance appears to represent roughly a
- Equity capital contributions to regulated utility subsidiaries, which should support infrastructure investments and potentially improve regulatory capital structures
- Repayment of existing debt under their January 2025 credit agreement, reducing interest expense and improving financial flexibility
- General corporate purposes, providing additional liquidity
For regulated utilities like Unitil, maintaining appropriate equity ratios in regulated subsidiaries is crucial for favorable regulatory treatment. This equity infusion likely helps maintain target capital structures that support rate case outcomes and allowed returns. The debt reduction component simultaneously decreases financial leverage, potentially improving credit metrics and providing greater borrowing capacity for future capital expenditures.
The full exercise of the over-allotment option signals strong demand from institutional investors, suggesting market confidence in Unitil's underlying business model and strategy. However, shareholders should monitor how effectively management deploys this capital to generate returns that offset the dilutive effect of the new shares over time.
HAMPTON, N.H., Aug. 18, 2025 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) () (the 鈥淐ompany鈥�) today announced that it has closed its previously announced public offering of 1,602,358 shares of its common stock at a price of
The proceeds to the Company from the offering (including the full exercise of the underwriters鈥� over-allotment option) were approximately
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. acted as active bookrunners for the offering. Janney Montgomery Scott LLC acted as bookrunner for the offering.
The offering of common stock was 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.
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: 聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽 聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽
Christopher Goulding 鈥� Investor Relations
Phone: 603-773-6466
Email:
FAQ
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