Envestra issues A$350 million to U.S. investors; UTi, Chesapeake place notes with insurers

By Lisa Kerner

Charlotte, N.C., June 29 - Envestra Ltd. agreed to place the equivalent of A$350 million of bonds with seven U.S. private placement investors in two tranches. The first tranche settled Tuesday, and the second will settle July 12.

The U.S. dollar-denominated portion of the debt was swapped to Australian dollars to eliminate foreign currency risk during the term of the bonds.

The bonds have maturities of 10 years (A$108 million), 12 years (A$192 million) and 30 years (A$50 million).

Proceeds will be used to refinance existing shorter-term bank facilities.

Envestra is a gas distribution company based in Adelaide, South Australia.

UTi Worldwide Inc. issued $150 million of 3.67% senior guaranteed notes due 2018 in a private placement to institutional investors that included Prudential Life Insurance Co. of America on Friday.

The company used $33.3 million of the proceeds to repay the remaining outstanding principal amount on its July 13, 2006 senior guaranteed notes.

UTi Worldwide is an ocean freight and logistics company based in Road Town, the British Virgin Islands.

Chesapeake Utilities Corp. completed a $29 million private placement of 5.68% senior notes due 2026, series A, on June 23 with Metropolitan Life Insurance Co. and New England Life Insurance Co.

Proceeds will be used to finance the company's capital expenditure program and for general working capital purposes.

Chesapeake is a Dover, Del.-based diversified utility company.

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