Unitil Announces Public Offering of 2.3M Shares of Common Stock

Unitil Corporation UTL today announced that it plans to make an underwritten public offering of 2,300,000 newly issued shares of common stock pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission. Unitil also plans to grant the underwriters a 30-day option to purchase up to an additional 345,000 shares to cover any over-allotments. Net proceeds from this offering are expected to be used to make equity capital contributions to Unitil's regulated utility subsidiaries, to repay short-term debt and for general corporate purposes.