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Algonquin Power & Utilities Corp. Announces Offering of U.S. $750 million Private Placement Notes
Algonquin Power & Utilities Corp. Announces Offering of U.S. $750 million Private Plac...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n\n\n\nAlgonquin Power & Utilities Corp. Announces Offering of U.S. $750 million Private Placement Notes\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 Offering of U.S. $750 million Private Placement Notes\nCanada NewsWire\nOAKVILLE, ON, March 1, 2017\n\n\n\nOAKVILLE, ON, March 1, 2017 /CNW/ - Algonquin Power & Utilities Corp. (\"APUC\") (TSX: AQN, NYSE: AQN) today announced that Liberty Utilities Co., APUC's regulated distribution utility holding company, has entered into an agreement for the issuance of U.S. $750 million of senior unsecured private placement notes through an affiliated special purpose financing entity. The notes are of varying maturities ranging from 3 to 30 years with a weighted average life to maturity of approximately 15 years and an effective weighted average interest expense of 3.6%. \n\nThe proceeds of the offering will be used to repay the remaining balance of APUC's bank facility drawn on closing of the acquisition of The Empire District Electric Company and refinance certain other existing indebtedness. The financing is the fifth series of notes issued pursuant to Liberty Utilities' master indenture and is expected to close before the end of March 2017.\n\n\"The acquisition of The Empire District Electric Company marks a major milestone in APUC's history and adds significant scale to our regulated utilities financing platform,\" commented David Bronicheski, APUC's Chief Financial Officer. \"This private placement debt financing completes the financing plan for our Empire acquisition and delivers our noteholders and utility customers the benefits from our large diversified portfolio of regulated utilities.\"\n\nThe senior notes have been assigned a provisional credit rating of BBB (high) by DBRS Limited. \n\nThe offering is being co-led by J.P. Morgan and Wells Fargo Securities LLC.\n\nAbout Algonquin Power & Utilities Corp.\n\nAPUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regul...