OAKVILLE, ON, Dec. 14, 2018 /CNW/ - Algonquin Power &
Utilities Corp. (TSX: AQN) (NYSE: AQN) ("APUC" or the "Company")
today announced that it has agreed with certain institutional
investors to issue and sell 12,536,350 common shares of APUC
(the "Shares") at a price of C$13.76
per share, for gross proceeds of approximately C$172.5 million (the "Offering").
The Shares are being offered and sold directly to the
institutional investors by APUC without an underwriter or
placement agent and no fees will be payable by APUC in connection
with the Offering. The price of the Shares represents approximately
96% of the volume weighted average trading price of APUC common
shares on the Toronto Stock Exchange for the five day period ending
December 13, 2018. The proceeds
of the Offering are anticipated to be used to partially
finance APUC's recently announced acquisition of Enbridge Gas New
Brunswick Limited Partnership, and for general corporate purposes.
The Offering is expected to close on or about December 20,
2018, subject to the satisfaction of customary conditions,
including the approval of the Shares for listing on the
Toronto Stock Exchange and the New York Stock Exchange.
The Shares are being offered pursuant to the Company's shelf
prospectus and registration statement on Form F-10 previously
filed with the U.S. Securities and Exchange Commission (the "SEC")
under the U.S./Canadian multijurisdictional disclosure system.
A prospectus supplement related to the Offering will be filed
with the Canadian Securities Administrators and the SEC.
This news release does not constitute an offer to sell or the
solicitation of any offer to buy, nor will there be any sale of
these securities, in any province, state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
province, state or jurisdiction.
All dollar amounts referenced herein are in U.S. dollars unless
otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution
utility with approximately $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
766,000 connections, 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. With a team of over 2,300 talented employees,
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 and
Series A subordinated notes are also listed on the New York Stock
Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpower.com and follow us on
Twitter @AQN_Utilities.
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 "will", "expects", "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
statements regarding: the closing of the Offering; the listing of
the Common Shares; and 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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SOURCE Algonquin Power & Utilities Corp.