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Algonquin Power & Utilities Corp. Announces Conversion Rights for Cumulative Rate Reset Preferred Shares, Series A
Algonquin Power & Utilities Corp. Announces Conversion Rights for Cumulative Rate Reset Prefe...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n \n \n \n Algonquin Power & Utilities Corp. Announces Conversion Rights for Cumulative Rate Reset Preferred Shares, Series A\n \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 Algonquin Power & Utilities Corp. Announces Conversion Rights for Cumulative Rate Reset Preferred Shares, Series A\n \n \n Canada NewsWire\n \n \n \n \n \n \n OAKVILLE, ON\n \n \n ,\n \n \n Nov. 22, 2023\n \n \n /CNW/ - Algonquin Power & Utilities Corp. (\"AQN\" or the \"Company\") (TSX: AQN) (NYSE: AQN) announced today that it does not intend to exercise its right to redeem all or part of the currently outstanding 4,800,000 Cumulative Rate Reset Preferred Shares, Series A (the \"Series A Preferred Shares\") on\n \n January 2, 2024\n \n . As a result, subject to certain conditions, the holders of the Series A Preferred Shares have the right to convert all or part of their Series A Preferred Shares, on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series B (the \"Series B Preferred Shares\") on\n \n January 2, 2024\n \n (the \"Conversion Date\").\n \n \n \n \n \n \n \n \n \n The terms and conditions of the Series A Preferred Shares, including the right to convert, are described in the short form prospectus of the Company dated\n \n November 2, 2012\n \n , pursuant to which the Series A Preferred Shares were initially issued for an aggregate of\n \n C$120,000,000\n \n (or\n \n C$25\n \n per Series A Preferred Share).\n \n \n Holders of Series A Preferred Shares who do not exercise their right to convert their Series A Preferred Shares into Series B Preferred Shares on the Conversion Date will retain their Series A Preferred Shares.\n \n \n The dividend rate applicable to the Series A Preferred Shares for the 5-year period from and including\n \n December 31, 2023\n \n to but excluding\n \n December 31, 2028\n \n , and the dividend rate applicable to the Series B Preferred Shares for the 3-month period from and including\n \n December 31, 2023\n \n to but excluding\n \n March 31, 2024\n \n , will be determined and announced by the Company by way of a news rel...