Unitil Announces Public Offering of 2.3M Shares of Common Stock
Unitil Corporation (NYSE: 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.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.