Unitil Corp. said Monday that it plans to issue an additional 600,000 shares of stock in order to fund natural gas operations and pay down debt.

The Hampton, New Hampshire-based utility is the largest natural gas provider in Maine. It has 105,000 electric customers and 80,000 natural gas customers in Maine, New Hampshire and Massachusetts.

Based on Unitil’s share price of $49.81 as of 4 p.m. Monday, the stock offering would generate nearly $30 million in cash for the company, excluding the cost of the offering.

Unitil said in a news release that the funds “are expected to be used to make equity capital contributions to Unitil’s regulated utility subsidiaries (primarily to its regulated natural gas subsidiary), to repay short-term debt and for general corporate purposes.”

RBC Capital Markets and BofA Merrill Lynch will act as joint book-running managers of the offering, while Janney Montgomery Scott is acting as co-manager, Unitil said.

 

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