Unitil announces $65 million common stock offering

Unitil Corporation (NYSE: UTL) announced a registered offering of $65 million in common stock shares, according to a company statement.

The utility company has granted underwriters an option to purchase an additional $9.75 million worth of shares. Wells Fargo Securities, Scotia Capital (USA) Inc., and Janney Montgomery Scott are serving as bookrunners for the offering.

Unitil plans to use the net proceeds for three purposes: making equity capital contributions to its regulated utility subsidiaries, repaying debt under its credit agreement dated January 29, 2025, and general corporate purposes.

The Hampton, New Hampshire-based company operates electric and natural gas utilities in Maine, New Hampshire, and Massachusetts, serving approximately 109,400 electric customers and 97,600 natural gas customers.

The offering will be conducted through a prospectus supplement under the company's effective registration statement on Form S-3ASR filed with the Securities and Exchange Commission. The company noted that completion of the offering is subject to market conditions and cannot be assured.

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