XDATA – September 30th 2014
Upper Peninsula Power Holding Co reported the successful completion of its $200 million unregistered debt financing. All the securities were subscribed by six investors. First commitments were received on September 16th. The private placement’s expected net proceeds amounts to $198.6 million which excludes $1.4 million paid in brokerage fees. No offering was previously initiated by the company under a registration exemption with the SEC.
The company is a regulated electric utility business providing distribution and power supply service to approximately 52,000 residential, commercial and industrial customers in the Upper Peninsula of Michigan. The company is backed by infrastructure equity investment fund BBIP which is sponsored by Balfour Beatty Plc.
The company, headquartered in New York NY, was registered this year. Revenues remained undisclosed.
The executive team includes Barbara A Siehr and Steve Manz.
The board of directors includes Jeffrey Roger Neil, Robert James Keough and Robert John Gregor.
Company: Upper Peninsula Power Holding Co
Industry: Electric Utilities
Amount offered: $200 million
Amount placed: $200 million
First sale: 09-16-2014
Data as of: 09-30-2014