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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Unitil Announces Exercise and Closing of Option by Underwriters

September 8, 2021 GMT

HAMPTON, N.H., Sept. 08, 2021 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) ( www.unitil.com ) announced today that its underwriters exercised and closed their option to purchase an additional 120,000 newly issued shares of its common stock in connection with its previously announced public offering pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission. Including the 120,000 newly issued shares, Unitil has sold 920,000 shares at a public offering price of $50.80 per share, resulting in expected net proceeds to Unitil of approximately $44.5 million (after deducting the underwriting discount and its estimated offering expenses). Unitil intends to use the net proceeds from this offering to make equity capital contributions to Unitil’s regulated utility subsidiaries, to repay debt and for general corporate purposes.

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RBC Capital Markets, LLC and BofA Securities acted as joint book-running managers of the offering. Janney Montgomery Scott LLC acted as co-manager of the offering.

A copy of the final prospectus supplement and the accompanying prospectus relating to this offering is available at www.sec.gov and also may be obtained from:

  RBC Capital Markets, LLC
200 Vesey Street
New York, NY 10281
Attention: Equity Syndicate
Phone: 877-822-4089
Email: equityprospectus@rbccm.com
  BofA Securities
NC1-004-03-43
200 North College Street, 3rd floor
Charlotte NC 28255-0001
Attn: Prospectus Department
Email: dg.prospectus_requests@bofa.com

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and there will not be any sales in any jurisdiction in which such sales would be unlawful. The offer is being made only through the prospectus supplement and the accompanying prospectus, which is part of a registration statement that became effective on August 3, 2021.

About Unitil Corporation

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Unitil Corporation provides energy for life by safely and reliably delivering natural gas and electricity 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’s operating utilities serve approximately 107,100 electric customers and 85,600 natural gas customers. For more information about our people, technologies, and community involvement please visit www.unitil.com.

Forward-Looking Statements

This press release may contain 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’s 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 coronavirus (COVID-19) pandemic; Unitil’s regulatory environment (including laws and 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’s ability to recover energy commodity costs in its rates; customers’ preferred energy sources; severe storms and Unitil’s ability to recover storm costs in its rates; declines in the valuation of capital markets; general economic conditions; Unitil’s ability to obtain debt or equity financing on acceptable terms; increases in interest rates; variations in weather; long-term global climate change; Unitil’s ability to retain its existing customers and attract new customers; increased competition; and other risks detailed in Unitil’s filings with the Securities and Exchange Commission. 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:
Todd Diggins – Investor Relations
Phone: 603-773-6504
Email: diggins@unitil.com

Alec O’Meara – Media Relations
Phone: 603-773-6404
Email: omeara@unitil.com