UIL again extends offer for preferreds, reaches 64.07% tender mark

By Jennifer Chiou

New York, May 15 - UIL Holdings Corp. said its subsidiary, CTG Resources, Inc., has once more extended its tender offer for all of the $3.125-par preferred stock issued by its subsidiary, Connecticut Natural Gas Corp., this time to 5 p.m. ET on May 21 from May 14.

The prior deadline was 5 p.m. ET on May 6 and, before that, on April 8, according to a company news release.

As of 5 p.m. ET on May 14, 69,651 preferreds, representing 64.07% of the 108,706 outstanding preferreds, had been tendered.

The company had received tenders for 38,953 preferreds, or 35.83% of the securities, as of March 25, and that figure rose to 66,999 preferreds, or 61.63%, on May 6.

As reported in April, the company increased the offer price to $10.25 per preferred from $7.50 per preferred.

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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