News Column

UIL Reports Offer to Buy Par Preferred Stock of Its Subsidiary Connecticut Natural Gas

February 6, 2014

UIL Holdings Corp. announced the commencement of a cash tender offer by its subsidiary, CTG Resources, Inc. , of all of the issued and outstanding shares of the $3.125 Par Preferred Stock of its subsidiary, Connecticut Natural Gas Corp. ("CNG"), at a price of $7.50 per share. In a release on Feb. 3 , UIL said that as of Jan. 31 , there were a total of 108,706 shares of the $3.125 Par Preferred Stock outstanding. The last reported sales price of the $3.125 Par Preferred Stock was $5.55 . Terms and conditions are set forth in the Feb. 3 Offer to Purchase and related Letter of Transmittal. This offer will expire at 5 p.m. , New York City time, on March 4 , unless extended or withdrawn. The Board of Directors of CNG has approved the tender offer and recommended that the holders of the $3.125 Par Preferred Stock accept the offer of CTG Resources, Inc. CTG Resources has retained Computershare Trust Company, N.A. as the depositary for the tender offer and Georgeson, Inc. , as the information agent. Headquartered in New Haven, Connecticut , UIL Holdings Corp. is a diversified energy delivery company serving a total of approximately 700,000 electric and natural gas utility customers in 66 communities across two states, with combined total assets of over $4 billion . UIL Holdings is the parent company for The United Illuminating Company (UI), CTG Resources, the parent of Connecticut Natural Gas Corp. (CNG), Connecticut Energy Corp. , the parent of The Southern Connecticut Gas Company (SCG), and Berkshire Energy Resources, Inc. , the parent of The Berkshire Gas Company (Berkshire), each more than 100 years old. UI provides for the transmission and delivery of electricity and other energy related services for Connecticut's Greater New Haven and Bridgeport areas. SCG and CNG are natural gas distribution companies that serve customers in Connecticut , while Berkshire serves natural gas customers in western Massachusetts . UIL Holdings employs more than 1,850 people in the New England region. More information: http://www.uil.com ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Manufacturing Close - Up


Story Tools