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Algonquin Power & Utilities Corp. Announces Closing of Previously Announced Offering of Common Shares Comprised of $633 Million Bought Deal Offering and Concurrent $350 Million Offering to an Institutional Investor
Algonquin Power & Utilities Corp. Announces Closing of Previously Announced Offering o...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n\n\n\nAlgonquin Power & Utilities Corp. Announces Closing of Previously Announced Offering of Common Shares Comprised of $633 Million Bought Deal Offering and Concurrent $350 Million Offering to an Institutional Investor\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAlgonquin Power & Utilities Corp. Announces Closing of Previously Announced Offering of Common Shares Comprised of $633 Million Bought Deal Offering and Concurrent $350 Million Offering to an Institutional Investor\nCanada NewsWire\nOAKVILLE, ON, July 17, 2020\n\n\n\nOAKVILLE, ON, July 17, 2020 /CNW/ - Algonquin Power & Utilities Corp. (TSX: AQN) (NYSE: AQN) (\"APUC\" or the \"Company\") today announced that it has closed its previously announced bought deal public offering, including the exercise in full of the underwriters' over-allotment option (the \"Bought Deal\"), and concurrent direct registered offering (the \"Concurrent Offering\" and together with the Bought Deal, the \"Offerings\").  A total of 57,465,500 common shares of APUC (the \"Common Shares\") were sold under the Offerings at a price of $17.10 per Common Share, resulting in gross proceeds to APUC of $983 million.\nUnder the Bought Deal, 36,995,500 Common Shares were issued and sold by the Corporation for gross proceeds to APUC of $633 million pursuant to an underwriting agreement dated July 10, 2020 among APUC and a syndicate of underwriters, led by Scotiabank and CIBC Capital Markets.\nUnder the Concurrent Offering, 20,470,000 Common Shares were issued and sold by the Corporation to an institutional investor for gross proceeds to APUC of $350 million.  The Common Shares offered in the Concurrent Offering were sold directly to the institutional investor without an underwriter or placement agent.\nNet proceeds of the Offerings are expected to be used to partially finance APUC's previously announced renewable development growth projects and for general corporate purposes.  \nAll dollar amounts referenced herein are in Canadian dollars unless otherwise noted.\nAbout Algonquin Power & Utilities Corp.\nAPUC...