On August 6, 2010, Central Hudson Gas & Electric Corporation (the “Company”) entered into a Note Purchase Agreement, dated as of August 6, 2010 (the “Note Purchase Agreement”), among the Company and the purchasers of the Company’s 4.30% Senior Notes, Series A, due September 21, 2020 (the “Series A Notes”) and the Company’s 5.64% Senior Notes, Series B, due September 21, 2040 (the “Series B Notes” and, collectively with the Series A Notes, the “Notes”). The Note Purchase Agreement provides that on September 21, 2010, the Company will issue and sell, in a private placement exempt from registration under the Securities Act of 1933, as amended, $16,000,000 in principal amount of the Series A Notes and $24,000,000 in principal amount of the Series B Notes. The Series A Notes will bear interest at the rate of 4.30% per annum, payable semi-annually, and will mature on September 21, 2020. The Series B Notes will bear interest at the rate of 5.64% per annum, payable semi-annually, and will mature on September 21, 2040. The Notes are unsecured. The Company will use the proceeds from the sale of the Notes to refund maturing long-term debt, refinance short-term debt and for general corporate purposes.
The foregoing descriptions of the Note Purchase Agreement and the Notes are qualified in their entirety by reference to the Note Purchase Agreement, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.