Chesapeake utilities corporation announced that it expects to receive $70 million in funding from the guardian life insurance company of america, the guardian insurance & annuity company, inc., berkshire life insurance company of america, thrivent financial for lutherans, inc., united of omaha life insurance company, cmfg life insurance company

Chesapeake utilities corporation (nyse:cpk) announced that has entered into a note purchase agreement to issue 2.98% senior notes due december 20, 2034 for an aggregate gross proceeds of $70 million on november 19, 2019. the transaction will include participation from the guardian life insurance company of america, the guardian insurance & annuity company, inc., berkshire life insurance company of america, cmfg life insurance company, returning investors, thrivent financial for lutherans, inc. and united of omaha life insurance company. the transaction is expected to close on or before december 20, 2019. the notes will mature on december 20, 2034. the notes will bear rate of interest of 2.98% per annum and will be be paid semi-annually on june 20 and december 20 of each year commencing on june 20, 2020. the company shall pay annual principal payments of $7 million commencing on december 20, 2025. . the company may, at its option, prepay the notes in whole or in part at any time upon payment of a prepayment premium, subject to certain payment amount limitations and notice requirements. the notes may be accelerated by any holder or holders of notes affected by the occurrence of payment defaults of the notes.
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