Unitil completes $70.9 million Bangor Natural Gas purchase; credit line raised to $275 million
Unitil completed its purchase of Bangor Natural Gas Company from PHC Utilities on January 31, 2025, paying $70.9 million in cash plus about $0.3 million for a working capital adjustment. The company also amended its credit agreement to raise the borrowing limit from $200 million to $275 million and extend the term to September 29, 2028, which adds capacity and maturity for shareholders to track.
Key points
- Unitil paid $70.9 million in cash plus about $0.3 million as a working capital adjustment; the deal closed January 31, 2025.
- Bangor adds approximately 8,500 customers and 351 miles of distribution pipelines; Unitil now serves about 207,000 customers in Maine, New Hampshire and Massachusetts.
- The credit agreement borrowing limit rises from $200 million to $275 million, and its term extends from September 29, 2027 to September 29, 2028.
- Hope Utilities will provide transition services to Bangor for up to 12 months, with Unitil reimbursing actual costs without a profit factor.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:59 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 04, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.