trending Market Intelligence /marketintelligence/en/news-insights/trending/K4FX8Tr3iavaAWAnCgRHwg2 content esgSubNav
In This List

Chesapeake Utilities to sell remaining $50M of shelf notes

Blog

Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap

Blog

Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future

Blog

Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch

Blog

Perspectives from China: Chinese M&A in 2022


Chesapeake Utilities to sell remaining $50M of shelf notes

Chesapeake Utilities Corp. submitted a formal request to PGIM Inc., formerly known as Prudential Investment Management Inc., inviting the latter and other interested parties to purchase up to $50 million of the company's unsecured senior promissory notes by July 15, under an amended private shelf agreement.

Under the amended agreement that took place in September 2018, the company was allowed to request Prudential and other buyers to purchase up to $150 million of its unsecured promissory notes, over the period until Aug. 20, 2021.

In August 2019, the company issued $100 million of the notes, leaving $50 million of the notes available for purchase during the remainder of the term.

The company plans to use proceeds from the issuance of the new shelf notes to reduce short-term borrowings under its revolving credit facility and lines of credit, as well as to fund capital expenditures, according to a filing.

These notes will bear an interest rate of 3% per annum which will be payable quarterly starting Oct. 15.

Meanwhile, they require annual principal payments of $5 million starting July 15, 2026, while the entire outstanding principal balance will be due July 15, 2035.