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Algonquin Power & Utilities Corp. Announces Proposed Equity Units Offering
Algonquin Power & Utilities Corp. Announces Proposed Equity Units Offering ...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n \n \n \n Algonquin Power & Utilities Corp. Announces Proposed Equity Units Offering\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 Proposed Equity Units Offering\n \n \n Canada NewsWire\n \n \n \n \n \n This news release constitutes a \"designated news release\" for the purposes of the Company's prospectus supplement dated\n \n May 15, 2020\n \n to its short form base shelf prospectus dated\n \n April 3, 2020\n \n .\n \n \n \n \n OAKVILLE, ON\n \n ,\n \n June 16, 2021\n \n /CNW/ - Algonquin Power & Utilities Corp. (\"AQN\" or the \"Company\") (TSX: AQN) (NYSE: AQN) today announced that it plans to conduct an underwritten marketed public offering of equity units (the \"Equity Units\") in an expected aggregate stated amount of\n \n $900 million\n \n (the \"Offering\"), subject to market conditions and other factors.\n \n \n In connection with the Offering, the Company expects to grant the underwriters an option to purchase, upon the same terms as the Offering, up to an additional 15% of the Equity Units issued in the Offering, for a period of 13 days following pricing of the Offering.\n \n \n The Company expects to use the net proceeds of the Offering to finance or refinance investments in renewable energy generation projects or facilities or other clean energy technologies in accordance with the Company's Green Financing Framework. This would be the fourth \"green\" offering by the Company or its subsidiaries and aligns with AQN's commitment to advancing a sustainable energy and water future.\n \n \n Each Equity Unit will be issued in a stated amount of\n \n $50\n \n and will initially consist of a contract to purchase common shares in the capital of the Company (\"Common Shares\") and a 1/20, or 5%, undivided beneficial ownership interest in\n \n $1,000\n \n principal amount of the Company's remarketable senior notes expected to be due\n \n June 15, 2026\n \n . Pursuant to the purchase contracts, holders will be required to purchase Common Shares on\n \n June 15, 2024\n \n . The Company intends to ...