Private Placement Calendar

Upcoming Closings

December 10

BERKSHIRE GAS CO.: $15 million of 5.33% 20-year senior notes; proceeds are expected to be used for capital expenditures, repayment of short-term debt, general working capital, environmental expenditures and issuance fees and expenses; subsidiary of UIL Holdings Corp., a New Haven, Conn.-based diversified energy delivery company.

December 16

CHESAPEAKE UTILITIES CORP.: $20 million of 3.73% senior notes, series A, due Dec. 16, 2028; $2 million annual principal payments due beginning Dec. 16, 2019; prepayable in whole or in part at any time upon payment of a prepayment premium; proceeds to reduce short-term borrowings under the company's lines of credit and to fund capital expenditures; a Dover, Del.-based diversified utility company.

PORTLAND GENERAL ELECTRIC CO.; $55 million of 4.74% first mortgage bonds due Nov. 15, 2048; Portland, Ore.-based energy provider.

December 17

CASEY'S GENERAL STORES, INC.: $50 million of 3.75% series B notes due Dec. 18, 2028; annual mandatory principal prepayments required beginning in 2022; make-whole call option at Treasuries plus 50 basis points; proceeds to be used to construct, remodel and acquire stores and for other working capital purposes; purchasers include Prudential Insurance Co. of America, Gibraltar Life Insurance Co., Ltd., Farmers Insurance Exchange, Mid Century Insurance Co., New York Life Insurance Co., New York Life Insurance and Annuity Corp., ING USA Annuity and Life Insurance Co., Reliastar Life Insurance Co., ING Life Insurance and Annuity Co., Reliastar Life Insurance Co. of New York, Security Life Of Denver Insurance Co., Metropolitan Life Insurance Co., General American Life Insurance Co. and Union Fidelity Life Insurance Co.; Ankeny, Iowa-based convenience store operator.

December 19

MYERS INDUSTRIES, INC.: $11 million of 5.25% series B notes due Jan. 15, 2024; proceeds for business growth and to repay debt; Akron, Ohio-based manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets.

December

QUESTAR GAS CO.: $90 million of 30-year 4.78% notes and $60 million of 35-year 4.83% notes; proceeds to refinance debt and for general corporate purposes; Salt Lake City-based public utility.

2014

January 15

MYERS INDUSTRIES, INC.: $40 million of 4.67% series A notes due Jan. 15, 2021, $29 million of 5.3% series C notes due Jan. 15, 2024 and $20 million of 5.45% series D notes due Jan. 15, 2026; proceeds for business growth and to repay debt; Akron, Ohio-based manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets.

UNITED STATIONERS INC.: $150 million of 3.75% senior secured notes due 2021; proceeds to retire $135 million of existing senior secured notes due October 2014 and to reduce bank borrowings; via joint lead placement agents BofA Merrill Lynch and Wells Fargo Securities, LLC; Deerfield, Ill.-based wholesale distributor of business products.

January 30

SOUTH JERSEY GAS CO.: $30 million tranche B notes due Jan. 30, 2030; Folsom, N.J., natural gas service provider and the principal subsidiary of South Jersey Industries.

January

DERWENT LONDON PLC: £100 million of notes with New York Life including £25 million of 15-year 4.41% series A notes and £75 million of 20-year 4.68% series B notes; proceeds to refinance existing debt and for general corporate purposes; London-based real estate investment trust.

MATSON, INC.: $100 million of 30-year 4.35% senior notes with a weighted average life of about 14.5 years; proceeds for general corporate purposes; Honolulu-based ocean transportation and logistics company.

February 27

OTTER TAIL POWER CO.: $60 million of 4.68% series A senior unsecured notes due Feb. 27, 2029 and $90 million of 5.47% series B senior unsecured notes due Feb. 27, 2044; Otter Tail Power may prepay all or any part of the notes at 100% of the principal amount prepaid, together with accrued interest and a make-whole amount; proceeds to retire Otter Tail Power's $40.9 million senior unsecured term loan and to repay short-term debt; J.P. Morgan Securities LLC acted as placement agent; a Fergus Falls, Minn.-based electric utility company.

March 26

UGI UTILITIES, INC.: $175 million of 4.98% senior notes due March 26, 2044; proceeds to refinance existing debt and for other general corporate purposes; the notes have a make-whole call at Treasuries plus 50 basis points; UGI is a subsidiary of King of Prussia, Pa.-based holding company UGI Corp.

April 8

KEYERA CORP.: C$75 million of 5.34% notes due April 8, 2029; proceeds to pay down existing credit facilities and to fund ongoing capital expenditure program; Calgary, Alta., natural gas midstream operator.

May 15

CHESAPEAKE UTILITIES CORP.: $50 million of 3.88% senior notes, series B, due May 15, 2029; $5 million annual principal payments due beginning May 15, 2020; prepayable in whole or in part at any time upon payment of a prepayment premium; proceeds to reduce short-term borrowings under the company's lines of credit and to fund capital expenditures; a Dover, Del.-based diversified utility company.

June

HAMMERSON plc: two tranches of fixed-rate seven-, 10- and 12-year notes totaling $443 million with nine U.S. institutions; notes are denominated in dollars, British pounds sterling and euros, with the dollar portion being swapped to fixed euro; the weighted average coupon is 3.6%; the weighted average maturity is nine years; the equivalent nominal value is £277 million; BofA Merrill Lynch, JPMorgan and Barclays are the agents; proceeds will be used to partly refinance upcoming bond maturities including €480 million of 4.875% eurobonds due 2015; London-based real estate investment trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.