-Baird named sole bookrunner for Artesian USD15m stock sale.
BANKING AND CREDIT NEWS-July 15, 2011--Baird named sole bookrunner for Artesian USD15m stock sale(C)2011 M2 COMMUNICATIONS http://www.m2.com
15 July 2011 - Robert W. Baird is serving as sole book-running manager for Artesian Resources' (NASDAQ:ARTNA) public offering of common stock worth some USD15m (EUR11m), the US water utility holding company said on Thursday.
Boenning & Scattergood and JJB Hilliard WL Lyons are co-managers for the transaction.
The sale of class A non-voting common shares is part of the company's existing shelf and is expected to close around 20 July.
The core offer could expand by 15% should the underwriters use their over-allotment option.
Artesian plans to use the net proceeds to fund a paid-in capital contribution of the same amount to its core unit, Artesian Water Company. The subsidiary, in turn, will use the paid-in capital contribution to repay short-term debt and reduce debt to total capitalisation ratio, for capital expenditures and other general corporate purposes.
Artesian may also use proceeds from the stock sale to adjust capitalisation ratios in its other regulated units.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Jul 15, 2011|
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