This news release constitutes a "designated news
release" for the purposes of the Company's prospectus supplement
dated February 28, 2019 to its short
form base shelf prospectus dated September
18, 2018.
OAKVILLE, ON, Oct. 10, 2019 /CNW/ - Algonquin Power &
Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today
announced that it has priced an underwritten marketed public
offering of 23,000,000 common shares of the Company at a price to
the public of US$13.50 per share (the
"Offering"), for total gross proceeds to APUC of US$310.5 million, before deducting underwriting
discounts and commissions and other offering expenses payable by
APUC. The Offering was upsized to 23,000,000 common shares from the
previously announced offering size of 21,520,804 common shares in
light of market demand. In conjunction with the Offering, APUC has
granted the underwriters involved in the Offering an option to
purchase up to an additional 3,450,000 common shares of the Company
for a period of 30 days. The Offering is expected to close on or
about October 16, 2019, subject to
customary closing conditions.
The net proceeds from the Offering will be used to partially
finance certain of the Company's previously-announced acquisitions,
to partially finance the Company's renewable development growth
projects, and for general corporate purposes.
Morgan Stanley and Wells Fargo Securities are acting as lead
book-running managers for the Offering, BofA Merrill Lynch and J.P.
Morgan are acting as book-running managers for the Offering, and
RBC Capital Markets, CIBC Capital Markets, Scotiabank, TD
Securities Inc. and Raymond James
are acting as co-managers for the Offering.
The Offering is being made to the public only by means of a
short form base shelf prospectus and the related prospectus
supplement. The short form base shelf prospectus and the related
prospectus supplement contain important information about the
Offering. Investors should read the short form base shelf
prospectus and the related prospectus supplement before making an
investment decision. Copies of the short form base shelf prospectus
and the related prospectus supplement may be obtained, when
available, for free by visiting www.sedar.com or EDGAR on the SEC's
website at www.sec.gov (File No. 333-227245).
Copies of the short form base shelf prospectus and the
prospectus supplement relating to the Offering may also be
obtained, when available, from Morgan Stanley at the following
address: Morgan Stanley & Co. LLC, Attention: Morgan Stanley
Prospectus Department, 180 Varick Street, Second Floor,
New York, New York 10014 and from
Wells Fargo Securities at the following address: Wells Fargo
Securities Canada, Ltd., Attention: Ryan
Cheung, 22 Adelaide St. W., Suite 2200, Toronto, ON M5H 4E3. This press release does
not constitute an offer to sell or the solicitation of an offer to
buy the securities described herein, nor shall there be any sale of
these securities in any jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and
distribution utility with approximately US$10 billion of total assets. Through its two
business groups, APUC is committed to providing safe, reliable and
cost effective rate-regulated natural gas, water, and electricity
generation, transmission and distribution utility services to
nearly 800,000 connections in the United
States and Canada, and is a
global leader in renewable energy through its portfolio of
long-term contracted wind, solar and hydroelectric generating
facilities representing over 2.5 GW of net installed capacity and
more than 500 MW of incremental renewable energy capacity under
construction.
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 and the expected
use of proceeds. 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
base shelf 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.