/NOT FOR DISSEMINATION OR DISTRIBUTION IN
THE UNITED STATES AND NOT FOR
DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR TO U.S. PERSONS/
OAKVILLE, ON, Jan. 25, 2019 /CNW/ - Algonquin Power &
Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced that
Algonquin Power Co. ("APCo"), APUC's wholly-owned, renewable power
generation subsidiary, has offered for sale C$300 million 4.60% senior unsecured debentures
with a maturity date of January 29,
2029 (the "APCo Debentures") pursuant to a private placement
in Canada (the "Offering"). The
APCo Debentures were offered at a price of C$999.52 per C$1,000 principal amount.
The APCo Debentures will represent APCo's inaugural "green
bond" offering, and are closely aligned with APUC's commitment to
advancing a sustainable energy and water future. Under its recently
implemented Green Bond Framework, the proceeds of the Offering are
to be used to finance and/or refinance investments in renewable
power generation and clean energy technologies. The Green Bond
Framework is available on APUC's website.
"APCo has experienced significant growth since our last bond
offering in 2017, having added over 300 MW of renewable wind
and solar powered generating stations across Canada and the U.S.," said David Bronicheski, Chief Financial Officer of
APUC. "This inaugural 'green bond' offering delivers the benefits
of a larger, more diversified portfolio of long-term contracted
renewable power assets to our debentureholders, while also
supporting our corporate commitment to sustainability."
APUC expects that the APCo Debentures will receive final ratings
of BBB (stable) by Standard & Poor's Rating Services, BBB
(stable) by Fitch Ratings and BBB (stable) by DBRS Limited.
The APCo Debentures are being offered through a syndicate of
agents led by CIBC World Markets Inc. and BMO Capital Markets. The
Offering is expected to close on or about January 29, 2019.
THE OFFER AND SALE OF THE APCO DEBENTURES
HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THEREFORE,
THIS COMMUNICATION DOES NOT CONSTITUTE AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE APCODEBENTURES IN
THE UNITED STATES AND THE APCO
DEBENTURES MAY NOT BE SOLD IN THE UNITED
STATES OR TO U.S. PERSONS (AS DEFINED IN RULE 902(K) OF
REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENT OF THE SECURITIES ACT
AND APPLICABLE STATE SECURITIES LAWS. ACCORDINGLY, THE APCO
DEBENTURES ARE BEING OFFERED ONLY (1) TO A LIMITED NUMBER OF
QUALIFIED INSTITUTIONAL ACCREDITED INVESTORS IN TRANSACTIONS EXEMPT
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (2)
OUTSIDE THE UNITED STATES IN
COMPLIANCE WITH REGULATION S AND THE APPLICABLE LAWS OF THE
JURISDICTIONS WHERE THOSE OFFERS AND SALES OCCUR.
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 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. 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. 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.algonquinpowerandutilities.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", "anticipates" 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 the use of the proceeds from
the Offering, the expected final credit ratings for the APCo
Debentures and the expected closing date of 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 and most recent annual information form.
Given these risks, undue reliance should not be placed on these
forward-looking statements, which apply only as of the date hereof.
Other than as specifically required by law, APUC undertakes no
obligation to update any forward-looking statements to reflect new
information, subsequent or otherwise.
SOURCE Algonquin Power & Utilities Corp.