DOVER, Del., Aug. 17, 2020 /PRNewswire/ -- Chesapeake
Utilities Corporation (NYSE: CPK) ("Chesapeake Utilities" or the
"Company") today announced that it has established an at-the-market
equity offering program (the "ATM Program") under which it may,
from time to time, sell shares of its common stock having an
aggregate sales price of up to $75,000,000 (the "Shares").
Chesapeake Utilities has entered into an equity distribution
agreement with each of RBC Capital Markets, LLC, BofA Securities,
Wells Fargo Securities, LLC, Janney Montgomery Scott LLC,
Guggenheim Securities, LLC, Maxim Group LLC, Sidoti & Company,
LLC, and Siebert Williams Shank
& Co., LLC (collectively, the "Sales Agents"), as sales agents.
Pursuant to the equity distribution agreement, sales of the Shares
may be made in transactions deemed to be "at-the-market offerings,"
as defined in Rule 415 under the Securities Act of 1933, as
amended, including by sales made directly on or through the New
York Stock Exchange.
Chesapeake Utilities intends to use the proceeds from the sales,
if any, of the Shares for general corporate purposes, including,
but not limited to, financing of capital expenditures, repayment of
short-term debt, financing acquisitions, investing in subsidiaries,
and general working capital purposes.
The Shares will be offered under the Company's existing shelf
registration statement on Form S-3ASR (File No.: 333-239569) filed
with the Securities and Exchange Commission (the "SEC"). The
offering is being made by means of a prospectus supplement to the
prospectus contained in the registration statement. Before making
an investment in the Shares, potential investors should read the
prospectus and the prospectus supplement for more complete
information about Chesapeake Utilities and the offering. Potential
investors may obtain these documents for free by visiting EDGAR on
the SEC's website at www.sec.gov. Alternatively, the Company
or the Sales Agents will arrange, upon request, to send the
prospectus. Please direct requests to: RBC Capital Markets, LLC by
mail at 200 Vesey Street, 8th Floor, New
York, NY 10281-8098, attention: Equity Syndicate, by email
at equityprospectus@rbccm.com or by telephone at 877-822-4089.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities, in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy
delivery company engaged in natural gas transmission and
distribution; electricity generation and distribution; propane gas
distribution; mobile CNG utility services and solutions; and other
businesses.
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 program 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 Utilities 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 Utilities 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
Executive Vice President &
Chief Financial Officer
302.734.6022
Thomas E. Mahn
Vice President &
Treasurer
302.736.7656
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SOURCE Chesapeake Utilities Corporation