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Algonquin Power & Utilities Corp. Issues 98,022,082 Common Shares Upon Conversion of Outstanding Convertible Debentures
Algonquin Power & Utilities Corp. Issues 98,022,082 Common Shares Upon Conversion of O...
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[{"type":"text","content":"\n\n\n\nAlgonquin Power & Utilities Corp. Issues 98,022,082 Common Shares Upon Conversion of Outstanding Convertible Debentures\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nAlgonquin Power & Utilities Corp. Issues 98,022,082 Common Shares Upon Conversion of Outstanding Convertible Debentures\nCanada NewsWire\nOAKVILLE, ON, Feb. 3, 2017\n\n\n\nNOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR TO U.S. PERSONS\n\n\n\nOAKVILLE, ON, Feb. 3, 2017 /CNW/ - Algonquin Power & Utilities Corp. (\"APUC\") (TSX: AQN, NYSE: AQN) announced today the results of the final instalment payment in respect of its 5.00% convertible unsecured subordinated debentures (\"Debentures\") represented by instalment receipts (\"Instalment Receipts\"). Holders of $1,039,034,075 principal amount of Debentures have elected to convert their Debentures into APUC common shares (\"Common Shares\"). As a result, APUC has issued 98,022,082 Common Shares to former holders of Debentures. It is expected that $110,965,925 principal amount of Debentures will remain outstanding after giving effect to such conversions.\n\nHolders of Debentures have the right, at any time prior to redemption or maturity, to convert their Debentures into Common Shares at a price of $10.60 per Common Share. On February 2, 2017, the closing price of the Common Shares on the Toronto Stock Exchange (the \"TSX\") was $11.58. Holders of Debentures are encouraged to exercise their conversion right before the next Common Share dividend record date to ensure that they receive future dividends paid by APUC. Conversion elections must be made by holders of Debentures through their broker, investment advisor or other intermediary.\n\nHolders of Debentures are reminded that as of today the interest payable on the Debentures has fallen to an annual rate of 0%. As a result, no further interest will accrue or be paid on the Debentures. The Debentures are not and will not be listed on the TSX and may in the future be redee...