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Algonquin Power & Utilities Corp. Announces Settlement Rate for Corporate Units Issued in June 2021
Algonquin Power & Utilities Corp. Announces Settlement Rate for Corporate Units Issued in Jun...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n \n \n \n Algonquin Power & Utilities Corp. Announces Settlement Rate for Corporate Units Issued in June 2021\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 Settlement Rate for Corporate Units Issued in June 2021\n \n \n Canada NewsWire\n \n \n \n \n \n \n OAKVILLE, ON\n \n \n ,\n \n \n June 13, 2024\n \n \n /CNW/ - Algonquin Power & Utilities Corp. (TSX: AQN) (NYSE: AQN) (\"AQN\" or the \"Company\") today announced the settlement rate for the share purchase contracts that are components of its outstanding corporate units (the \"Corporate Units\") issued in\n \n June 2021\n \n . Holders of Corporate Units will receive 3.3439 common shares of AQN (\"Common Shares\") for each share purchase contract they hold, which results in an effective issuance price of\n \n $14.9526\n \n per Common Share, with cash to be paid in lieu of any fractional shares. The settlement rate is based upon the average volume-weighted average price of the Common Shares on the New York Stock Exchange for the 20 consecutive trading days ending on\n \n June 13, 2024\n \n , as adjusted for certain adjustment events that have occurred since the issuance of the Corporate Units.\n \n \n \n \n \n \n \n \n \n Consequently, on\n \n June 17, 2024\n \n , each holder of Corporate Units on that date will receive, following payment of\n \n $50.00\n \n for each Corporate Unit held, 3.3439 Common Shares for each such unit. The holders' obligations to make such payments will be satisfied with proceeds of the Treasury portfolio purchased in connection with the successful optional remarketing that closed on\n \n March 28, 2024\n \n , of Algonquin's senior notes that formerly constituted a component of the Corporate Units.\n \n \n Upon settlement of all outstanding share purchase contracts, Algonquin will receive\n \n $1.15 billion\n \n in exchange for approximately 76.9 million Common Shares.\n \n \n In addition, on\n \n June 17, 2024\n \n , (i) each Corporate Unit holder of record on\n \n June 1, 2024\n \n will receive the final quarterly cash distrib...