Chesapeake Utilities Corporation, Dover, announced the pricing of an underwritten public offering of 835,207 shares of its common stock, at a price to the public of $62.26 per share. In connection with the offering, Chesapeake granted the underwriters involved in the offering with a 30-day option to purchase up to an additional 125,281 shares of its common stock. The offering is expected to close on September 27, 2016, subject to customary closing conditions.
In connection with the offering, Chesapeake granted the underwriters involved in the offering with a 30-day option to purchase up to an additional 125,281 shares of its common stock. The offering is expected to close on September 27, 2016, subject to customary closing conditions.
In connection with the offering, Chesapeake granted the underwriters involved in the offering with a 30-day option to purchase up to an additional 125,281 shares of its common stock. The offering is expected to close on September 27, 2016, subject to customary closing conditions.
The net proceeds from the equity offering will be used to pay down a portion of the Company’s short-term revolving debt, which has increased as a result of capital investments to support growth.
Wells Fargo Securities and RBC Capital Markets are acting as joint book-running managers. Janney Montgomery Scott and Baird are acting as senior co-managers. J.J.B. Hilliard, W.L.Lyons, LLC, Ladenburg Thalmann, U.S. Capital Advisors and BB&T Capital Markets are acting as co-managers of the offering.
Chesapeake has seen a growth spurt as natural gas prices remain low and the company, among other things, expanded its distribution system and snapped up an Ohio operation that gathers natural gas from wells.
Chesapeake also has natural gas utilities on the Delmarva Peninsula and in Florida, a pipeline company, a small electric utility in Florida and propane distribution operations.
In Delaware, Chesapeake operates a gas utility below the C&D Canal and also serves the PBF Delaware City Refinery.
