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Caribbean Utilities Raises $160 Million Via Private Placement

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Caribbean Utilities Company (CUP-U.TO) closed $160 million private placement of senior unsecured notes with institutional investors, it said in a statement late Wednesday.

The deal consists of $70 million of 6.09% senior unsecured notes maturing Aug. 19, 2041, $30 million of 6.34% senior unsecured green notes maturing Aug. 19, 2051, and $60 million of 6.24% senior unsecured notes maturing May 12, 2042. The company's financing consists of an initial drawdown of $100 million scheduled for Aug. 19, 2026, and $60 million delayed draw facility available on May 12, 2027.

Proceeds will be used to repay short-term indebtedness and fund its multi-year capital investment programme, it said.

Shares of the company closed up 0.7% to C$14.4 on Wednesday on the Toronto Stock Exchange.

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