Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
Baird served as a senior co-manager in this offering
Unitil Corporation (“UTL” or the “Company”) (NYSE: UTL) recently completed a follow-on offering of 2,760,000 shares of common stock at a price of $25.25 per share, generating gross proceeds of approximately $69.7 million. The Company intends to use the net proceeds from the offering to make equity capital contributions to its regulated utility subsidiaries, repay short-term debt and for general corporate purposes.
UTL is a public utility holding company headquartered in Hampton, New Hampshire. UTL’s principal business is the local distribution of electricity and natural gas throughout its service territory in the states of New Hampshire, Massachusetts and Maine. UTL is the parent company of three wholly-owned distribution utilities: i) Unitil Energy, which provides electric service in the southeastern seacoast and state capital regions of New Hampshire; ii) Fitchburg, which provides both electric and natural gas service in the greater Fitchburg area of north central Massachusetts; and iii) Northern Utilities, which provides natural gas service in southeastern New Hampshire and portions of southern and central Maine, including the city of Portland and the Lewiston-Auburn area. Together, these distribution utilities serve approximately 101,400 electric customers and 71,900 natural gas customers in their service territory.