May 21, 2009 (FinancialWire) — UIL Holdings Corp. (NYSE: UIL) said it has priced its public offering of four million shares of common stock at $21 per share, resulting in gross proceeds of $84 million. J.P. Morgan Securities (NYSE: JPM) and Morgan Stanley & Co. (NYSE: MS) acted as joint book-running managers.

The company has granted the underwriters a 30-day option to purchase up to 600,000 additional shares of common stock to cover any overallotments.

UIL said it will use the proceeds to pay down short-term debt and for general corporate purposes.

New Haven, Connecticut-based UIL Holdings is the holding company for The United Illuminating Co., a regulated utility providing electricity and energy related services to 324,000 customers in the Greater New Haven and Bridgeport areas of Connecticut.

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