OAKVILLE, ON, Oct. 17, 2018 /CNW/ - Algonquin Power
& Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company")
today announced that in connection with its previously announced
underwritten public offering (the "Offering") of 6.875%
fixed-to-floating subordinated notes due October 17, 2078 (the "Notes"), the
over-allotment option (the "Over-Allotment Option") granted to the
Underwriters (as defined below) to purchase up to an additional
US$37.5 million aggregate
principal amount of Notes (the "Option Notes") has been exercised
in full. As a result of the Underwriters' exercise of the
Over-Allotment Option in full, the aggregate gross proceeds of the
Offering were US$287.5 million,
before deducting underwriting discounts and commissions and
offering expenses. The Offering, including the sale of the Option
Notes, closed on October 17, 2018.
APUC intends to use all of the net proceeds from the Offering to
repay outstanding indebtedness. APUC's application to list the
Notes on the New York Stock Exchange has been approved.
The joint book-running managers for the Offering were BofA
Merrill Lynch, J.P. Morgan, Morgan Stanley, Wells Fargo Securities
and RBC Capital Markets and the co-managers for the Offering were
BMO Capital Markets and CIBC Capital Markets (collectively, the
"Underwriters").
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution
utility with approximately US$9
billion of total assets. Through its two business groups,
APUC provides rate regulated natural gas, water, and electricity
generation, transmission, and distribution utility services to over
760,000 customers in the United
States, and is committed to being a global leader in the
generation of clean energy through its ownership of, or interest
in, long term contracted wind, solar and hydroelectric generating
facilities representing approximately 1.7 GW of installed capacity.
APUC delivers continuing growth through an expanding pipeline
of renewable energy development projects, organic growth within its
rate regulated generation, distribution and transmission
businesses, and the pursuit of accretive acquisitions. APUC's
common shares, Series A preferred shares and Series D preferred
shares are listed on the Toronto Stock Exchange under the symbols
AQN, AQN.PR.A, and AQN.PR.D, respectively. APUC's common
shares are also listed on the New York Stock Exchange under the
symbol AQN.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute
''forward-looking information'' within the meaning of applicable
securities laws in each of the provinces of Canada and the respective policies,
regulations and rules under such laws and ''forward-looking
statements'' within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, ''forward-looking
statements"). The words "expected", "intends" and similar
expressions are often intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Specific forward-looking statements
contained in this news release include, but are not limited to, the
expected use of the net proceeds from the Offering. These
statements are based on factors or assumptions that were applied in
drawing a conclusion or making a forecast or projection, including
assumptions based on historical trends, current conditions and
expected future developments. Since forward-looking statements
relate to future events and conditions, by their very nature they
require making assumptions and involve inherent risks and
uncertainties. APUC cautions that although it is believed that the
assumptions are reasonable in the circumstances, these risks and
uncertainties give rise to the possibility that actual results may
differ materially from the expectations set out in the
forward-looking statements. Material risk factors include those set
out in APUC's most recent annual and interim management's
discussion and analysis, most recent annual information form and
prospectus and prospectus supplement relating to the offering.
Given these risks, undue reliance should not be placed on these
forward-looking statements, which apply only as of their dates.
Other than as specifically required by law, APUC undertakes no
obligation to update any forward-looking statements to reflect new
information, subsequent or otherwise.
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content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-closing-of-subordinated-debt-offering-and-exercise-in-full-of-over-allotment-option-300733248.html
SOURCE Algonquin Power & Utilities Corp.