DOVER, Del., Sept. 21, 2016 /PRNewswire/ -- Chesapeake
Utilities Corporation (NYSE: CPK) announced today the commencement
of an underwritten public offering of its common stock, with an
aggregate value not to exceed $52
million. In conjunction with this offering, the
Company intends to grant the underwriters a 30-day option to
purchase additional shares up to an additional $7.8 million in aggregate value.
The net proceeds from the offering will be used to pay down a
portion of the Company's short-term revolving debt, which has
increased as a result of capital investments to support
growth.
Wells Fargo Securities and RBC Capital Markets are acting as
joint book-running managers. Janney Montgomery Scott and Baird are acting as
senior co-managers. J.J.B. Hilliard,
W.L.Lyons, LLC, Ladenburg Thalmann,
U.S. Capital Advisors and BB&T Capital Markets are acting as
co-managers of the offering.
This offering is being made under an effective shelf
registration statement filed with the U.S. Securities and Exchange
Commission, and only by means of a prospectus supplement for this
offering and a related base prospectus. Copies of the
prospectus supplement and related base prospectus may be obtained
by contacting:
Wells Fargo
Securities
|
RBC Capital
Markets
|
Attention:
Equity Syndicate Department
|
Attn: Equity
Syndicate
|
375 Park
Avenue
|
200 Vesey Street,
8th
Floor
|
New York, NY
10152
|
New York, NY
10281-8098
|
Email:
cmclientsupport@wellsfargo.com
|
Email:
equityprospectus@rbccm.com
|
Telephone: (800)
326-5897
|
Telephone:
(877) 822-4089
|
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities, in any state or
jurisdiction in which it is unlawful to make such an offer,
solicitation or sale.
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy company
engaged in natural gas distribution, transmission, gathering and
processing; and marketing; electricity distribution; propane gas
distribution and wholesale marketing; and other related
services.
Please note that Chesapeake Utilities Corporation has no
affiliation with Chesapeake Energy, an oil and natural gas
exploration company headquartered in Oklahoma City, Oklahoma.
Forward Looking Statements
This press release contains forward-looking statements regarding
our planned offer and sale of common stock and the use of the net
proceeds from any such sale. We cannot be sure that we will
complete the offering or, if we do, on what terms we will complete
it. Forward-looking statements are based on current beliefs and
expectations and are subject to inherent risks and uncertainties,
including those discussed under the caption "Risk Factors" in the
prospectus and prospectus supplement. In addition, Chesapeake
management retains broad discretion with respect to the allocation
of the net proceeds of this offering. The forward-looking
statements speak only as of the date of this release, and
Chesapeake is under no obligation to, and expressly disclaims any
such obligation to, update or alter its forward-looking statements,
whether as a result of new information, future events, or
otherwise.
For more information, contact:
Beth W. Cooper
Senior
Vice President & Chief Financial Officer
302.734.6022
Thomas E. Mahn
Treasurer
302.736.7656
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SOURCE Chesapeake Utilities Corporation