May 15, 2009 (FinancialWire) — Unitil Corp. (NYSE: UTL) (Current Market Cap: US$187.74 Mil.) said it plans to make an underwritten public offering of two million newly issued shares of common stock. RBC Capital Markets Corporation will act as the sole book runner.

The company has granted the underwriters a 30-day option to purchase up to an additional 300,000 shares to cover any over-allotments.

Unitil plans to use the net proceeds to repay all amounts outstanding under the bridge credit facility that was used to partially finance the company’s acquisitions of Northern Utilities and Granite State Gas Transmission. This should total around $39.1 million.

The company also plans to use the funds for other general corporate purposes, including capital contributions to its distribution utilities and repayment of short-term debt.

Hampton, New Hampshire-based Unitil is a public utility holding company with subsidiaries providing electric and natural gas distribution service in New Hampshire and Massachusetts, natural gas distribution service in Maine and energy services throughout the northeast.

Unitil serves around 170,000 utility customers in three states.

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