Unitil closes $74.75 million stock offering with full option exercise

Unitil Corporation (NYSE: UTL) completed its public offering of 1,602,358 common shares at $46.65 per share, according to a company statement. The offering included the full exercise of underwriters' over-allotment option.

The company received approximately $74.75 million in gross proceeds before deducting underwriting discounts and commissions. Unitil plans to use the net proceeds to make equity capital contributions to its regulated utility subsidiaries, repay debt under its credit agreement dated January 29, 2025, and fund general corporate purposes.

Wells Fargo Securities and Scotia Capital (USA) Inc. served as active bookrunners for the offering, while Janney Montgomery Scott acted as bookrunner. The shares were offered through a prospectus supplement under the company's effective Form S-3ASR registration statement filed with the Securities and Exchange Commission.

Unitil operates as a public utility holding company serving approximately 109,400 electric customers and 97,600 natural gas customers across Maine, New Hampshire and Massachusetts.

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