DOVER,
Del., Nov. 9, 2023 /PRNewswire/ -- Chesapeake
Utilities Corporation (NYSE: CPK) today announced the commencement
of an underwritten public offering of $330,000,000 of shares of its common stock.
Chesapeake also intends to grant the underwriters of the offering a
30-day option to purchase up to $49,500,000 of additional shares of the Company's
common stock. The net proceeds from the offering will be used to
fund, in part, the acquisition of Florida City Gas, which is
expected to close in the fourth quarter of 2023, and to pay related
fees and expenses.
Barclays Capital Inc., RBC Capital Markets, LLC and Wells Fargo
Securities, LLC are acting as joint lead book-running managers for
the offering.
A preliminary prospectus supplement and accompanying prospectus
relating to the common stock offered will be filed with the U.S.
Securities and Exchange Commission (SEC) and will be available on
the SEC's website at www.sec.gov. Copies of the preliminary
prospectus supplement and accompanying prospectus relating to the
common stock offering may be obtained by contacting Barclays
Capital Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York
11717, barclaysprospectus@broadridge.com, (888) 603-5847; RBC
Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey
Street, 8th Floor, New York, New
York 10281, by telephone at (877) 822-4089, or by emailing
equityprospectus@rbccm.com; and Wells Fargo Securities, LLC,
Attention: Equity Syndicate Department, 500 West 33rd Street,
New York, New York, 10001, at
(800) 645-3751 (option #5) or email a request
to cmclientsupport@wellsfargo.com.
An effective shelf registration relating to the shares of common
stock in the offering was filed with the SEC on August 31, 2023. The offering of common stock is
being made only by means of a prospectus supplement and
accompanying prospectus.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, shares of Chesapeake's common
stock and will not constitute an offer, solicitation or sale in any
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Chesapeake Utilities Corporation:
Chesapeake Utilities Corporation is a diversified energy
delivery company, listed on the New York Stock Exchange. Chesapeake
Utilities Corporation offers sustainable energy solutions through
its natural gas transmission and distribution, electricity
generation and distribution, propane gas distribution, mobile
compressed natural gas utility services and solutions, and other
businesses. For more information, visit www.chpk.com.
Please note that Chesapeake Utilities Corporation has no
affiliation with Chesapeake Energy, an oil and natural gas
exploration company headquartered in Oklahoma City, Oklahoma.
For more information, contact:
Beth W. Cooper
Executive Vice President, Chief Financial Officer, Treasurer and
Assistant Corporate Secretary
302.734.6022
Michael Galtman
Senior Vice President and Chief Accounting Officer
302.217.7036
Cautionary Statements Regarding Forward-Looking
Information:
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act"), Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995. One can typically identify
forward-looking statements by the use of forward-looking words,
such as "project," "believe," "expect," "anticipate," "intend,"
"plan," "estimate," "continue," "potential," "forecast" or other
similar words, or future or conditional verbs such as "may,"
"will," "should," "would" or "could." In particular,
statements as to the offering, its size, the use of proceeds and
potential completion, and the timing of the completion of the
acquisition of Florida City Gas, are forward-looking statements.
These statements are based on our current intentions, plans,
expectations, assumptions and beliefs. Forward-looking statements
speak only as of the date they are made or as of the date
indicated. All forward-looking statements are subject to
a number of important factors, risks, uncertainties and assumptions
that could cause actual results to differ materially from those
described in any forward-looking statements. These factors and
risks include, but are not limited to, unanticipated developments
that could prevent, delay or negatively impact the amount of,
timing of, or the completion of, the offering and the occurrence of
any event, change or other circumstance that could cause the
acquisition not to close in the anticipated timeframe or at all due
to one or more of the closing conditions to the transaction not
being satisfied or waived. These factors are in
addition to the financial, operational and legal risks and
uncertainties detailed from time to time in the Company's filings
with the Securities and Exchange Commission. Applicable risks also
include those identified under "Safe Harbor for Forward-Looking
Statements" and Item 1A, "Risk Factors" in our Annual Report on
Form 10-K and under the heading "Risk Factors" included
in the preliminary prospectus supplement for the offering and in
any subsequent filings with the SEC.
In light of these risks, uncertainties, and assumptions, the
events described in the forward-looking statements might not occur
or might occur to a different extent or at a different time than we
have described. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise. You are cautioned not to
place undue reliance on any forward-looking statements.
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SOURCE Chesapeake Utilities Corporation