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Algonquin Power & Utilities Corp. Announces Closing of Private Offering of $300 million 4.09% Senior Unsecured Debentures for Algonquin Power Co.
Algonquin Power & Utilities Corp. Announces Closing of Private Offering of $300 millio...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n\n\n\nAlgonquin Power & Utilities Corp. Announces Closing of Private Offering of $300 million 4.09% Senior Unsecured Debentures for Algonquin Power Co.\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nAlgonquin Power & Utilities Corp. Announces Closing of Private Offering of $300 million 4.09% Senior Unsecured Debentures for Algonquin Power Co.\nCanada NewsWire\nOAKVILLE, ON, Jan. 17, 2017\n\n\n\n/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR TO U.S. PERSONS./\n\n\n\nOAKVILLE, ON, Jan. 17, 2017 /CNW/ - Algonquin Power & Utilities Corp. (\"APUC\") (TSX: AQN, NYSE: AQN) announced today that Algonquin Power Co. (\"APCo\"), APUC's wholly-owned, renewable power generation subsidiary, has completed the previously announced private placement offering in Canada and the United States (the \"Offering\") of CDN$300 million 4.09% senior unsecured debentures with a maturity date of February 17, 2027 (the \"APCo Debentures\"). The APCo Debentures were offered at a price of $99.929 per $100.00 principal amount, resulting in an effective yield to maturity of 4.099% per annum. \n\nNet proceeds from the APCo Debentures will be used to repay existing indebtedness and for APCo's general corporate purposes. Concurrent with the Offering, APCo entered into a cross currency swap, coterminous with the APCo Debentures, to convert the Canadian dollar denominated proceeds from the Offering into U.S. dollars, resulting in an effective interest rate throughout the term of the APCo Debentures of approximately 4.85%.\n\nAPCo has been provided long-term issuer credit ratings of \"BBB (low)\", by DBRS Limited and \"BBB\", with a \"negative\" outlook, by Standard & Poor's Rating Service. The APCo Debentures have received final ratings of \"BBB (low)\", by DBRS Limited and \"BBB\" by S&P.\n\nThe APCo Debenture offering was co-led by National Bank Financial Inc. and CIBC World Markets Inc.\n\nTHE OFFER AND SALE OF THE ALGONQUIN POWER CO. DEBENTURES HAS NOT BEEN AND WILL NOT ...