May 21, 2009 (FinancialWire) — Unitil Corp. (NYSE: UTL) (Current Market Cap: US$158.96 Mil.) has priced a public offering of 2.4 million newly issued shares of common stock at $20 per share. RBC Capital Markets (NYSE: RY) is acting as lead underwriter.

The company has granted the underwriters a 30-day option to purchase up to an additional 360,000 shares to cover any over-allotments. This is 60,000 shares more than the company anticipated in its statement issued last week, matching the 400,000 additional shares to be issued.

Unitil said it would use the net proceeds–which it estimated earlier to be around $39.1 million–to repay all amounts outstanding under the bridge credit facility that it used to partially finance the company’s 2008 acquisitions of Northern Utilities and Granite State Gas Transmission.

The company will also 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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