SOURCE: Central Vermont Public Service Corporation

Central Vermont Public Service Corporation

December 03, 2010 08:56 ET

CVPS Completes $30 Million At-the-Market Public Stock Offering

RUTLAND, VT--(Marketwire - December 3, 2010) -  Central Vermont Public Service Corporation (NYSE: CV) announced today that it has completed the sale of shares of its common stock under the at-the-market offering program announced on Jan. 15, 2010. The company sold an aggregate of 1,498,745 shares in open market trading and direct placements under this program for aggregate gross proceeds of approximately $30.6 million. KeyBanc Capital Markets served as sole placement agent under the at-the-market offering program.

The company intends to use the net proceeds from the offering for general corporate purposes.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the company's common stock nor shall there be any sale of such common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Central Vermont
CVPS is Vermont's largest electric utility, serving approximately 159,000 customers statewide. CVPS's non-regulated subsidiary, Catamount Resources Corporation, sells and rents electric water heaters through a subsidiary, SmartEnergy Water Heating Services.

Forward-Looking Statements
Statements contained in this press release that are not historical fact are forward-looking statements intended to qualify for the safe-harbors from the liability established by the Private Securities Litigation Reform Act of 1995. Statements made that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Actual results will depend upon, among other things, the actions of regulators, performance of the Vermont Yankee nuclear power plant, effects of and changes in weather and economic conditions, volatility in wholesale electric markets and our ability to maintain our current credit ratings. These and other risk factors are detailed in CV's Securities and Exchange Commission filings. CV cannot predict the outcome of any of these matters; accordingly, there can be no assurance that such indicated results will be realized. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this press release. CV does not undertake any obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date of this press release.

Contact Information

  • Investor Relations Contact:
    Pamela Keefe
    (802) 747-5435

    Media Contact:
    Steve Costello
    (802) 747-5427
    (802) 742-3062 (beeper)