UIL extends tender offer for preferreds, increases price to $10.25

By Angela McDaniels

Tacoma, Wash., April 9 - UIL Holdings Corp. said its subsidiary, CTG Resources, Inc., extended its tender offer for all of the $3.125-par preferred stock issued by its subsidiary, Connecticut Natural Gas Corp., and increased the price to $10.25 per preferred from $7.50 per preferred.

The tender offer was extended to 5 p.m. ET on May 6 from 5 p.m. ET on April 8, according to a company news release.

As of 5 p.m. ET on April 8, 38,953 preferreds, representing 35.83% of the 108,706 outstanding preferreds, had been tendered. The amount is unchanged from March 25.

The $10.25 offer price is subject to the condition that at least two-thirds of the preferreds are tendered by the expiration date. If less than two-thirds of the preferreds are tendered, the tendered preferreds will be purchased at the original offer price of $7.50.

The offer was launched on Feb. 3, when the last reported sales price of the preferreds was $5.55. The offer was previously extended from March 25 and, before that, March 4.

Computershare Trust Co., NA is the depositary. Georgeson, Inc. (866 391-6921) is the information agent.

UIL Holdings is a New Haven, Conn.-based diversified energy delivery company.

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