Caribbean Utilities Company has closed an US$80 million debt offering in the form of 5.88% senior unsecured notes due 15 Nov. 2052.
The debt offering was privately placed with institutional investors in the United States with RBC Capital Markets acting as sole placement agent.
Proceeds from the offering will repay short-term debt and finance ongoing additions and upgrades to CUC’s generation and transmission and distribution systems.
CUC President and Chief Executive Officer Richard Hew said, “We are pleased to secure this long-term financing on favourable terms, a reflection of the continued sustainability and strong credit ratings of the Company and the jurisdiction as a whole.
“Significant and ongoing capital investments are necessary for electric utilities to meet anticipated growth in customer needs.”
The notes will not be registered under the United States Securities Act of 1933 as amended, nor will they be registered under any state securities laws.
Unless so registered, the notes may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws, CUC said.
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