UIL Holdings Announces Extension of Offer to Purchase $3.125 Par Preferred Stock of its Subsidiary, Connecticut Natural Gas Corporation

Business Wire


(UIL) UIL Holdings Corporation (UIL) announced today that its wholly-owned subsidiary, CTG Resources, Inc., has extended its cash tender offer for all of the issued and outstanding shares of the $3.125 Par Preferred Stock of its subsidiary, Connecticut Natural Gas Corporation (CNG), at a price of $10.25 per share, subject to revised terms set forth in an April 6, 2014 Supplement to Offer to Purchase. The tender offer, which had previously been extended and was scheduled to expire at 5:00 p.m., New York City time on May 6, 2014, has been extended and will now expire at 5:00 p.m., New York City time, on May 14, 2014. Tenders of the Preferred Stock must be made prior to the extended expiration of the tender offer and may be withdrawn at any time prior to that time. As of 5:00 p.m. on May 6, 2014, approximately 66,999 shares of the Preferred Stock, representing 61.63 percent of outstanding shares, had been validly tendered and not withdrawn. The $10.25 offer price is subject to the condition that at least 66 2/3% of the preferred shares are tendered by the expiration date. If less than 66 2/3% of shares are tendered, the validly tendered shares will be purchased at the original offer price of $7.50 per share unless properly withdrawn.

CTG Resources, Inc. has retained Computershare Trust Company, N.A. as the depositary for the tender offer and Georgeson, Inc., as the information agent.

Copies of the Supplement to Offer to Purchase, the Offer to Purchase, the related Letter of Transmittal and the Notice of Guaranteed Delivery were previously mailed to the holders of the $3.125 Par Preferred Stock. Additional copies of the Supplement to Offer to Purchase, the Offer to Purchase, the related Letter of Transmittal or the Notice of Guaranteed Delivery may be obtained at CTG Resources, Inc.’s expense from the information agent at (866) 391-6921. Questions regarding the tender offer should be directed to Georgeson Inc. at (866) 391-6921 (toll free).

Certain Information Regarding the Tender Offer

The information in this press release describing CTG Resources, Inc.’s tender offer for the $3.125 Par Preferred Stock of CNG is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell shares of CNG’s $3.125 Par Preferred Stock in the tender offer. The tender offer is being made only pursuant to the Offer to Purchase and the related materials, as they may be amended or supplemented, that CTG Resources, Inc. has distributed to CNG’s preferred stockholders. Stockholders should read such Offer to Purchase and related materials carefully and in their entirety because they contain important information, including the various terms and conditions of the tender offer.

Headquartered in New Haven, Connecticut, UIL Holdings Corporation (UIL) is a diversified energy delivery company serving a total of approximately 700,000 electric and natural gas utility customers in 66 communities across two states, with combined total assets of over $4 billion.

UIL Holdings is the parent company for The United Illuminating Company (UI), CTG Resources, Inc., the parent of Connecticut Natural Gas Corporation (CNG), Connecticut Energy Corporation, the parent of The Southern Connecticut Gas Company (SCG), and Berkshire Energy Resources, Inc., the parent of The Berkshire Gas Company (Berkshire), each more than 100 years old. UI provides for the transmission and delivery of electricity and other energy related services for Connecticut’s Greater New Haven and Bridgeport areas. SCG and CNG are natural gas distribution companies that serve customers in Connecticut, while Berkshire serves natural gas customers in western Massachusetts. UIL Holdings employs more than 1,850 people in the New England region. For more information on UIL Holdings, visit http://www.uil.com.

Certain statements contained herein, regarding matters that are not historical facts, are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). These include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future. Such forward-looking statements are based on UIL Holdings’ expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements. Such risks and uncertainties include, but are not limited to, general economic conditions, conditions in the debt and equity markets, legislative and regulatory changes, changes in demand for electricity, gas and other products and services, unanticipated weather conditions, changes in accounting principles, policies or guidelines, and other economic, competitive, governmental, and technological factors affecting the operations, markets, products and services of UIL Holdings’ subsidiaries, The United Illuminating Company, The Southern Connecticut Gas Company, Connecticut Natural Gas Corporation and The Berkshire Gas Company. The foregoing and other factors are discussed and should be reviewed in our most recent Annual Report on Form 10-K and other subsequent filings with the Securities and Exchange Commission. Forward-looking statements included herein speak only as of the date hereof and we undertake no obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances.

UIL Holdings Corporation
Susan Allen, 203-499-2409
Michael West, 203-499-3858
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