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CUC Announces the Closing of US$80 Million Private Placement of Senior Unsecured Notes

Caribbean Utilities Company, Ltd. (TSX:CUP.U) (“CUC” or “the Company”) announced today the closing of US$80 million 5.88% Senior Unsecured Notes due November 15, 2052.

The debt offering was privately placed with institutional investors in the United States with RBC Capital Markets acting as sole placement agent. Proceeds from the offering will be used to repay short-term indebtedness and to finance ongoing additions and upgrades to CUC’s generation and transmission and distribution systems.

President and Chief Executive Officer, Mr. Richard Hew stated, “We are pleased to secure this long-term financing on favourable terms, a reflection of the continued sustainability and strong credit ratings of the Company and the jurisdiction as a whole. Significant and ongoing capital investments are necessary for electric utilities to meet anticipated growth in customer needs. CUC remains committed to providing a safe, efficient and reliable electricity service to Grand Cayman, as it has for over 56 years”

The notes will not be registered under the United States Securities Act of 1933 (the “Securities Act”) as amended, nor will they be registered under any state securities laws. Unless so registered, the notes may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

CUC provides electricity to Grand Cayman, Cayman Islands, under a non-exclusive Electricity Generation Licence expiring in 2039 and an exclusive Electricity Transmission and Distribution Licence expiring in 2028. Further information is available at