UNITIL CORP (UTL): debt financing — Unitil completes acquisition of Maine Natural Gas for $86M plus ~$7.1M working capital

UNITIL CORP

Purchase price $86.0M plus ~$7.1M for working capital; funded via $86M term loan from Scotiabank.
Maine Natural serves ~6,300 natural gas customers in Greater Portland and Augusta, ME; rate base ~$69.0M as of Dec 2024.
Unitil now serves ~213,300 customers across ME, NH, MA; acquisition complements existing gas distribution in Maine.
Credit Agreement with Scotiabank: $86M limit, due Oct 2026, interest at Term SOFR + 1.25% or prime + 0.25%, financial covenant: funded debt to capitalization ≤65%.
Transition Services Agreement with Avangrid for up to 12 months to ensure operational continuity.

item 1.01 item 8.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

UNITIL CORP incurred credit facility of $86 million with The Bank of Nova Scotia at Term SOFR plus 0.1000% plus a margin of 1.25% or prime rate plus 0.25% maturing October 31, 2026.

Instrument: credit facility
Principal: $86 million
Counterparty: The Bank of Nova Scotia
Rate: Term SOFR plus 0.1000% plus a margin of 1.25% or prime rate plus 0.25%
Maturity: October 31, 2026
Event: incurrence

Exact text from the filing

(the “ Credit Agreement ”): Unitil; The Bank of Nova Scotia, as agent; and The Bank of Nova Scotia, as lender (the “ Lender ”). The Credit Agreement has a borrowing limit of $86 million. Subject to certain notice requirements, Unitil may irrevocably reduce or terminate the unutilized portion of the commitments under the Credit Agreement at any time without

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Source: SEC EDGAR

accession 0001193125-25-262797

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