Chesapeake Utilities Corporation Announces $100 Million At-The-Market Equity Offering Program
Chesapeake Utilities (NYSE: CPK) has established an at-the-market equity offering program to sell up to $100 million worth of common stock shares. The company has partnered with multiple sales agents, including RBC Capital Markets, Barclays Capital, and others, to facilitate the offerings through the New York Stock Exchange. The proceeds will be used for general corporate purposes, including capital expenditures, debt repayment, acquisitions, subsidiary investments, and working capital. The shares will be offered under the company's existing shelf registration statement filed with the SEC.
Chesapeake Utilities (NYSE: CPK) ha avviato un programma di offerta di azioni sul mercato per vendere fino a 100 milioni di dollari di azioni ordinarie. L'azienda ha collaborato con diversi agenti di vendita, tra cui RBC Capital Markets, Barclays Capital e altri, per facilitare le offerte attraverso la Borsa di New York. I proventi saranno utilizzati per scopi aziendali generali, compresi spese in conto capitale, rimborso del debito, acquisizioni, investimenti sussidiari e capitale circolante. Le azioni saranno offerte sotto l'attuale dichiarazione di registrazione a scaffale dell'azienda depositata presso la SEC.
Chesapeake Utilities (NYSE: CPK) ha establecido un programa de oferta de acciones en el mercado para vender hasta 100 millones de dólares en acciones ordinarias. La empresa se ha asociado con múltiples agentes de venta, incluidos RBC Capital Markets, Barclays Capital y otros, para facilitar las ofertas a través de la Bolsa de Nueva York. Los ingresos se utilizarán para fines corporativos generales, incluidos gastos de capital, reembolso de deudas, adquisiciones, inversiones en subsidiarias y capital de trabajo. Las acciones se ofrecerán bajo la declaración de registro existente de la compañía presentada ante la SEC.
체사픽 유틸리티 (NYSE: CPK)는 최대 1억 달러의 보통주를 판매하기 위한 시장 내 주식 제공 프로그램을 시작했습니다. 이 회사는 RBC 캐피털 마켓, 바클레이즈 캐피털 등 여러 판매 대리인과 협력하여 뉴욕 증권 거래소를 통해 제공을 원활하게 진행합니다. 수익금은 자본 지출, 부채 상환, 인수, 자회사 투자 및 운전 자본을 포함한 일반 기업 용도로 사용됩니다. 주식은 SEC에 제출된 회사의 기존 선급 등록 신고서에 따라 제공됩니다.
Chesapeake Utilities (NYSE: CPK) a mis en place un programme d'offre d'actions sur le marché pour vendre jusqu'à 100 millions de dollars d'actions ordinaires. L'entreprise s'est associée à plusieurs agents de vente, dont RBC Capital Markets, Barclays Capital et d'autres, pour faciliter les offres via la Bourse de New York. Les recettes seront utilisées à des fins générales de l'entreprise, y compris les dépenses d'investissement, le remboursement de la dette, les acquisitions, les investissements dans des filiales et le fonds de roulement. Les actions seront proposées dans le cadre de la déclaration d'enregistrement existante de l'entreprise déposée auprès de la SEC.
Chesapeake Utilities (NYSE: CPK) hat ein Aktienangebot im Markt eingerichtet, um bis zu 100 Millionen Dollar an Stammaktien zu verkaufen. Das Unternehmen hat mit mehreren Verkaufsagenten, darunter RBC Capital Markets, Barclays Capital und anderen, zusammengearbeitet, um die Angebote über die New Yorker Börse zu ermöglichen. Die Erlöse werden für allgemeine Unternehmenszwecke verwendet, einschließlich Investitionen in Sachanlagen, Schuldenrückzahlungen, Akquisitionen, Investitionen in Tochtergesellschaften und Betriebskapital. Die Aktien werden unter dem bestehenden Regulierungsdokument des Unternehmens angeboten, das bei der SEC eingereicht wurde.
- Potential to raise up to $100 million in additional capital
- Flexible financing structure through at-the-market offerings
- Multiple established financial institutions as sales agents
- Potential dilution of existing shareholders' equity
- Additional shares in the market may pressure stock price
Insights
The
The program's structure allows CPK to issue shares opportunistically at market prices, minimizing dilution compared to traditional follow-on offerings. The stated use of proceeds for capital expenditures, debt repayment and acquisitions suggests a balanced approach to capital allocation. For a utility company, maintaining financial flexibility for infrastructure investments while managing leverage is important for long-term growth.
This ATM facility provides CPK with a valuable financial tool in a rising interest rate environment. Utility companies typically require consistent capital access for infrastructure maintenance and expansion. The timing suggests proactive management of the capital structure, though the actual dilutive impact will depend on execution timing and share price levels.
The diverse syndicate of 10 financial institutions enhances distribution capabilities and market reach. However, investors should monitor the pace and pricing of any share issuances, as they could impact earnings per share and dividend coverage ratios. The program's size relative to daily trading volume may influence execution efficiency and price impact.
The Shares will be offered under the Company's existing shelf registration statement on Form S-3ASR (File No.: 333-274284) filed with the Securities and Exchange Commission (the "SEC"). The offering is being made by means of a prospectus supplement to the prospectus contained in the registration statement. Before making an investment in the Shares, potential investors should read the prospectus and the prospectus supplement for more complete information about Chesapeake Utilities and the offering. Potential investors may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, the Company or the Sales Agents will arrange, upon request, to send the prospectus. Please direct requests to: RBC Capital Markets, LLC by mail at 200 Vesey Street, 8th Floor,
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Forward-Looking Statements
Matters included in this release may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Please refer to the Safe Harbor for Forward-Looking Statements in the Company's 2023 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2024 for further information on the risks and uncertainties related to the Company's forward-looking statements.
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses.
Contacts:
Investors
Beth W. Cooper
Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary
302.734.6022
Michael D. Galtman
Senior Vice President and Chief Accounting Officer
302.217.7036
Noah T. Russell
Assistant Vice President and Assistant Treasurer
302.387.9147
Media
Alexander Nye
Director, Strategic Communications
727.754.0136
ANye@chpk.com
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SOURCE Chesapeake Utilities Corporation
FAQ
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