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Algonquin Power & Utilities Corp. Announces Pricing of US$350 Million Subordinated Debt Offering
Algonquin Power & Utilities Corp. Announces Pricing of US$350 Million Subordinated Deb...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n\n\n\nAlgonquin Power & Utilities Corp. Announces Pricing of US$350 Million Subordinated Debt Offering\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 Pricing of US$350 Million Subordinated Debt Offering\nCanada NewsWire\nOAKVILLE, ON, May 16, 2019\n\n\n\nThis 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.\n OAKVILLE, ON, May 16, 2019 /CNW/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) (\"APUC\" or the \"Company\") today announced that it has priced an underwritten public offering of US$350 million aggregate principal amount of 6.20% fixed-to-floating subordinated notes, Series 2019-A due July 1, 2079 (the \"Notes\"). The sale of the Notes is expected to close on or about May 23, 2019, subject to customary closing conditions. \nAPUC intends to use the net proceeds of the offering to repay existing indebtedness under the Company's term credit facility and the Liberty Utilities Group revolving credit facility, to partially finance the Company's previously-announced acquisition of Enbridge Gas New Brunswick Limited Partnership, and for general corporate purposes. APUC has applied for listing of the Notes on the New York Stock Exchange. Concurrent with the Offering, APUC entered into a cross currency swap to convert the U.S. dollar denominated proceeds from the offering into Canadian dollars, resulting in an effective interest rate to the Company throughout the fixed-rate period of the Notes of approximately 5.96%.\nThe joint book-running managers for the offering are BofA Merrill Lynch, J.P. Morgan, RBC Capital Markets, and Wells Fargo Securities (collectively, the \"Underwriters\").\nThe offering is being made to the public only by means of a short form base shelf prospectus and related prospectus supplement, which are part of an effective registration statement filed with the U.S. Securities and Exchange Commission (\"SEC\"). The terms of the Notes...