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Chesapeake Utilities to issue $100M of promissory notes

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Chesapeake Utilities to issue $100M of promissory notes

Chesapeake Utilities Corp. has made a request for purchase under a master note agreement to sell shelf notes worth $100 million to NYL Investors LLC and other purchasers.

Chesapeake Utilities entered the master note agreement on March 2 to sell up to $100 million of unsecured promissory notes to NYL and other investors with a fixed interest rate and maturity not exceeding 20 years.

The notes will be issued in two denominations: $50 million of series A shelf notes, to be issued by May 21, 2018; and $50 million series B shelf notes, to be issued on or before Nov. 20, 2018, according to a Nov. 27 federal filing by Chesapeake Utilities.

The series A notes will mature on May 31, 2038 with annual principal payments of $5 million commencing on May 31, 2029. The notes bear annual interest of 3.48%, payable semiannually on May 31 and Nov. 30, starting from May 31, 2018.

Annual principal payments of $5 million on series B notes will commence on Nov. 30, 2029. The notes mature on Nov. 30, 2038. The securities bear annual interest rate of 3.58%, payable semiannually on Nov. 30 and May 31, commencing on Nov. 30, 2018.