CHESAPEAKE UTILITIES CORP (CPK): debt financing — Chesapeake Utilities issues $200M senior notes (4.88%-5.16%) and extends $250M revolver

CHESAPEAKE UTILITIES CORP

Issued $200M aggregate principal of unsecured senior notes; $150M funded Aug 1, $50M expected Sep 15, 2025.
Three series: $60M 4.88% due 2028, $90M 5.16% due 2031, $50M 5.02% due 2030.
Interest on Series A&B payable semi-annually Feb 1 and Aug 1; Series C Mar 15 and Sep 15 starting 2026.
Extended $250M 364-day revolver credit facility to August 4, 2026; all other terms unchanged.
Notes are unregistered, subject to customary covenants, events of default, and optional prepayment at make-whole.

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

CHESAPEAKE UTILITIES CORP incurred senior notes of $200 million aggregate principal amount (Series 2025-A $60M, Series 2025-B $90M, Series 2025-C $50M) with the Purchasers named therein at 4.88% Series 2025-A, 5.16% Series 2025-B, 5.02% Series 2025-C maturing Series 2025-A due August 1, 2028; Series 2025-B due August 1, 2031; Series 2025-C due September 15, 2030.

Instrument: senior notes
Principal: $200 million aggregate principal amount (Series 2025-A $60M, Series 2025-B $90M, Series 2025-C $50M)
Counterparty: the Purchasers named therein
Rate: 4.88% Series 2025-A, 5.16% Series 2025-B, 5.02% Series 2025-C
Maturity: Series 2025-A due August 1, 2028; Series 2025-B due August 1, 2031; Series 2025-C due September 15, 2030
Event: incurrence

Exact text from the filing

On August 1, 2025, the Company and the Purchasers executed the Note Purchase Agreement which authorized the sale and purchase of $200 million of aggregate principal amount of unsecured senior notes (the “Senior Notes”). $150 million of the Senior Notes closed and funded on August 1, 2025 and $50 million is expected to close and fund on September 15, 2025. The Senior Notes consist of (a) $60 million aggregate principal amount of 4.88% Series 2025-A Senior Notes due August 1, 2028 (the "Series 2025-A Notes"), (b) $90 million aggregate principal amount of 5.16% Series 2025-B Senior Notes due August 1, 2031 (the "Series 2025-B Notes"), and $50 million aggregate principal amount of 5.02% Series 2025-C Senior Notes due September 15, 2030 (the "Series 2025-C Notes").

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

CHESAPEAKE UTILITIES CORP amended revolving credit of $250 million with PNC Bank National Association, Citizens Bank N.A., Manufacturers and Traders Trust Company, Royal Bank of Canada, CoBank, ACB, and Barclays Bank PLC at unchanged maturing August 4, 2026.

Instrument: revolving credit
Principal: $250 million
Counterparty: PNC Bank National Association, Citizens Bank N.A., Manufacturers and Traders Trust Company, Royal Bank of Canada, CoBank, ACB, and Barclays Bank PLC
Rate: unchanged
Maturity: August 4, 2026
Event: amendment

Exact text from the filing

Pursuant to the terms of the Credit Agreement the Company and the participating lenders which included PNC Bank National Association, Citizens Bank N.A., Manufacturers and Traders Trust Company, Royal Bank of Canada, CoBank, ACB, and Barclays Bank PLC have exercised one of the three one-year extension options for the $250 million 364-Day Revolver. The new maturity date for the 364-Day Revolver is August 4, 2026, with all other terms and conditions remaining unchanged.

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Source: SEC EDGAR

accession 0001628280-25-038811

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