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Chesapeake Utilities issues $30M term note

Chesapeake Utilities Corp. issued a $30 million unsecured term note due Jan. 21, 2020, in favor of PNC Bank NA.

Borrowings under the term note bear interest at a rate equal to the one-month LIBOR rate plus 75 basis points, according to a company filing.

Chesapeake Utilities plans to use the facility to temporarily fund Hurricane Michael restoration efforts in Florida.