Attached files
file | filename |
---|---|
8-K - FORM 8-K - UIL HOLDINGS CORP | y03972e8vk.htm |
EX-5.1 - EX-5.1 - UIL HOLDINGS CORP | y03972exv5w1.htm |
EX-1.1 - EX-1.1 - UIL HOLDINGS CORP | y03972exv1w1.htm |
Exhibit 99.1
UIL Holdings Corporation
157 Church Street
P.O. Box 1564
New Haven, CT 06506-0901
203.499.2812 Fax: 203.499.3626
157 Church Street
P.O. Box 1564
New Haven, CT 06506-0901
203.499.2812 Fax: 203.499.3626
NEWS RELEASE
September 16, 2010
September 16, 2010
UIL Holdings Announces Pricing of Public Offering of Common Stock
(NYSE:UIL) UIL Holdings Corporation (UIL) announced today it has priced a public offering
of 17,700,000 shares of its common stock at $25.75 per share, resulting in gross proceeds of
approximately $455.8 million. UIL has also granted the underwriters a 30-day option to purchase up
to 2,655,000 additional shares of common stock to cover any overallotments. The Company will use
the net proceeds from this offering to fund a portion of the cash consideration payable in
connection with the pending acquisition of Connecticut Energy Corporation, parent of The Southern
Connecticut Gas Company, CTG Resources, Inc., parent of Connecticut Natural Gas Corporation, and
Berkshire Energy Resources, parent of The Berkshire Gas Company, and for general corporate
purposes.
Morgan Stanley & Co. Incorporated, J.P. Morgan Securities LLC and BofA Merrill Lynch are
acting as book-running managers of the offering. Copies of the prospectus and prospectus supplement
relating to the shares of common stock offered in this offering may be obtained from the offices of
(i) Morgan Stanley & Co. Incorporated at 180 Varick Street, Second Floor, New York, New York 10014,
Attn: Prospectus Department, or by e-mail to prospectus@morganstanley.com, (ii) J.P. Morgan
Securities LLC, via Broadridge Financial Solutions at 1155 Long Island Avenue, Edgewood, New York
11717, Telephone: (866) 803-9204, and (iii) BofA Merrill Lynch, 4 World Financial Center, New York,
New York 10080, Attn: Prospectus Department, or by e-mail to dg.prospectus_requests@baml.com.
A shelf registration statement relating to the securities in this offering has been filed with
the Securities and Exchange Commission and has become effective. This press release does not
constitute an offer to sell or the solicitation of an offer to buy any securities in any
jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such
jurisdiction. The offering of these securities will be made only by means of the prospectus
supplement and accompanying prospectus.
UIL Holdings Corporation (NYSE:UIL), headquartered in New Haven, Connecticut, is the
holding company for The United Illuminating Company, a regulated utility providing electricity and
energy related services to 324,000 customers in the Greater New Haven and Bridgeport areas.
Contact Information UIL
Analysts:
Susan Allen, 203-499-2409
Media:
Al Carbone, 203-499-2247
Analysts:
Susan Allen, 203-499-2409
Media:
Al Carbone, 203-499-2247
Safe Harbor Provision
Certain statements contained herein, regarding matters that are not historical facts, are
forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995).
These include statements regarding managements intentions, plans, beliefs, expectations or
forecasts for the future including, without limitation, UILs expectations with respect to the
benefits, costs and other anticipated financial impacts of the proposed gas company acquisition
transaction; future financial and operating results of the company; the companys plans,
objectives, expectations and intentions with respect to future operations and services; approval of
the proposed transaction by governmental regulatory authorities; the availability of financing; the
satisfaction of the closing conditions to the proposed transaction; and the timing of the
completion of the proposed transaction. Such forward-looking statements are based on UILs
expectations and involve risks and uncertainties; consequently, actual results may differ
materially from those expressed or implied in the statements. Such risks and uncertainties include,
but are not limited to, general economic conditions, legislative and regulatory changes, changes in
demand for electricity and other products and services, changes in financial markets, unanticipated
weather conditions, changes in accounting principles, policies or guidelines, and other economic,
competitive, governmental, and technological factors affecting the operations, timing, markets,
products, services and prices of UILs subsidiaries. Examples of such risks and uncertainties
specific to the transaction include, but are not limited to: the possibility that the proposed
transaction is delayed or does not close, including due to the failure to receive required
regulatory approvals, the taking of governmental action (including the passage of legislation) to
block the transaction, or the failure of other closing conditions; the possibility that the
expected benefits will not be realized, or will not be realized within the expected time period;
and the ability to issue equity and debt securities upon terms and conditions UIL believes are
appropriate. The foregoing and other factors are discussed and should be reviewed in UILs most
recent Annual Report on Form 10-K and other subsequent filings with the Securities and Exchange
Commission. Forward-looking statements included herein speak only as of the date hereof and the UIL
undertakes no obligation to revise or update such statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events or circumstances.
2