Private Placement Calendar

Upcoming Closings

December 31

FEDERATED NATIONAL HOLDING CO.:

• $25 million of 10-year floating-rate senior unsecured notes;

• Notes bear interest at Libor plus 700 basis points and may be redeemed in whole or in part at 102 in the first two years, 101 in years three through five and at par after year five;

• Proceeds used to purchase interests in Monarch Delaware Holdings LLC and repay the related $5 million debt, to repurchase company common shares and for general corporate purposes;

• The insurance holding company is based in Sunrise, Fla.

December

RETAIL OPPORTUNITY INVESTMENTS CORP.:

• $250 million of 10-year 4.19% senior notes at a spread of Treasuries plus 185 bps;

• Proceeds will be used to repay debt under Retail Opportunity’s $600 million revolving credit facility and for general corporate purposes;

• Retail Opportunity is a San Diego-based self-managed real estate investment trust focusing on the acquisition, ownership and management of necessity-based community and neighborhood shopping centers that are anchored by national or regional supermarkets and drugstores.

Fourth Quarter of 2017

UNITIL CORP. subsidiaries:

• Northern Utilities, Inc. will issue $20 million of 3.52% notes due 2027 and $30 million of 4.32% notes due 2047;

• Fitchburg Gas and Electric Light Co. will issue $10 million of 3.52% notes due 2027 and $15 million of 4.32% notes due 2047;

• Granite State Gas Transmission, Inc. will issue $15 million of 3.72% notes due 2027;

• Proceeds will be used to refinance debt and for general corporate purposes;

• Unitil is a gas and electric utility based in Hampton, N.H.

January 12

SPIRE ALABAMA INC.:

• $75 million of senior unsecured notes, comprised of $30 million 4.02% 2017A note due Jan. 15, 2058, settled Dec. 1, and $45 million 3.92% 2017B note due Jan. 15, 2048, settling Jan. 12, 2018;

• Make-whole calls for both notes;

• Proceeds will be used for general corporate purposes;

• St. Louis-based Spire is a public gas utility holding company.

January 16

SOUTH JERSEY INDUSTRIES, INC.:

• $100 million of notes, comprised of $25 million of series 2017A-1 3.22% notes due Aug. 16, 2024, settled Aug. 16; $25 million of series 2017B-1 3.46% notes due Aug. 16, 2027, settled Aug. 16; $25 million of 3.32% series 2017A-2 senior notes due Jan. 16, 2025, settling Jan. 16, 2018; and $25 million of 3.56% series 2017B-2 senior notes due Jan. 16, 2028 settling Jan. 16, 2018;

• Make-whole call at Treasuries plus 50 bps until 90 days prior to maturity, then callable at par;

• Proceeds will be used to refinance debt and for general corporate purposes;

• Hammonton, N.J.-based South Jersey Industries is a publicly held energy services holding company for a natural gas utility and other non-regulated companies.

January 19

LITTELFUSE, INC.:

• $175 million senior notes in two parts of $50 million 3.48% series A notes due Feb. 15, 2025 and $125 million 3.78% series B notes due Feb. 15, 2030;

• Make-whole call for both tranches;

• Chicago-based Littelfuse is a manufacturer of circuit protection products.

January

OWL ROCK CAPITAL CORP.:

• $150 million of 4.75% senior unsecured notes due June 21, 2023, with $138.5 million settled on Dec. 21 and the remaining $11.5 million settling in January;

• Proceeds were used to pay down debt under the company’s senior secured revolving credit agreement and its revolving credit agreement;

• The private business development company is based in New York.

February 7

OTTER TAIL POWER CO.:

• $100 million of 4.07% series 2018A senior unsecured notes due Feb. 7, 2048;

• Make-whole call until Aug. 7, 2047, then a par call;

• J.P. Morgan Securities LLC and KeyBanc Capital Markets Inc. are the agents;

• Proceeds to refinance debt under the company’s revolving credit facilities;

• Otter Tail is a Fergus Falls, Minn.-based electric utility company.

March 22

EMPIRE STATE REALTY OP, LP:

• $160 million of 4.26% series E senior notes due 2030 and $175 million of 4.44% series F senior notes due 2033;

• Prudential Capital Group, AIG Asset Management, MetLife Investment Advisors, LLC and Teachers Insurance and Annuity Association of America are the investors;

• Proceeds used to repay some mortgage debt due 2018 and for other general corporate purposes;

• Based in New York, Empire is a real estate investment trust that owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area.

March 31

CORE GOLD INC.:

• $15 million 12% debt facility with Investa Bank SA, which is available for drawing until July 31, 2019;

• Proceeds used for expansion of the Portovelo Plant to increase capacity from 750 tons per day to 2,000 tons per day, to restructure an outstanding loan, for corporate development initiatives and general working capital including exploration;

• Core Gold is a gold mining company based in Vancouver, B.C.

MYOVANT SCIENCES LTD.:

• $40 million of term loans due May 1, 2021 with investors arranged through agent Hercules Capital, Inc., with $25 million settled on Oct. 16, 2017 and the remaining $15 million settling on March 31;

• The term loans bear interest at a variable rate equal to the greater of the Prime rate plus 400 bps and 8.25%;

• Prepayments of the loans will have a prepayment charge equal to 3% if the prepayment occurs within the first year, 2% if the prepayment occurs after one year but before two years and 1% if the prepayment occurs after two years;

• Hercules also will receive seven-year warrants for a number of shares equal to 3% of the loan’s principal divided by the exercise price, which will be based on the lowest three-day volume-weighted average price for the three trading days preceding settlement;

• The clinical-stage biopharmaceutical company is based in London.

April 2

QUESTAR GAS CO.:

• $100 million of 3.38% senior notes due April 1, 2030, $50 million of 3.3% senior notes due Nov. 15, 2032 and $100 million of 3.97% senior notes due Nov. 15, 2047;

• Settling in two tranches, with part of the placement settling on Nov. 15 and the remainder of the sale settling on April 2, 2018;

• Questar Gas is a natural gas distributor based in Salt Lake City.

TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC.:

• $120 million series 2017A first mortgage obligations due Dec. 12, 2029;

• 3.34% coupon for $60 million tranche 1; settlement Dec. 18;

• 3.39% coupon for $60 million tranche 2; settlement April 12, 2018;

• Proceeds to repay portion of Tri-State’s outstanding commercial paper and for other general corporate purposes;

• Electric utility based in Westminster, Colo.

By June 30, 2018

STRONGBRIDGE BIOPHARMA PLC:

• $50 million six-year 12.5% senior credit facility;

• The company borrowed $40 million on July 17, 2017 and will have access to an additional $10 million by June 30, 2018 upon achievement of certain milestones;

• Credit facility may be prepaid;

• Deal includes seven-year warrants issued to the investor for 394,289 ordinary shares, each exercisable at $7.37;

• CRG LP is the investor;

• Concurrent with the first tranche, CRG also purchased $3 million of ordinary shares at $6.98 per share;

• Proceeds will be used to retire existing debt facility and for general corporate purposes and working capital;

• Strongbridge is a Trevose, Pa., biopharmaceutical company.

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