Algonquin Power & Utilities Corp. Announces Closing of Subordinated Debt Offering and Exercise in Full of Over-Allotment Option
Algonquin Power & Utilities Corp. Common Shares (AQN)
Last algonquin power & utilities corp. common shares earnings: 2/27 07:54 pm
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Source: PR Newswire
OAKVILLE, ON, Oct. 17, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced that in connection with its previously announced underwritten public offering (the "Offering") of 6.875% fixed-to-floating subordinated notes due October 17, 2078 (the "Notes"), the over-allotment option (the "Over-Allotment Option") granted to the Underwriters (as defined below) to purchase up to an additional US$37.5 million aggregate principal amount of Notes (the "Option Notes") has been exercised in full. As a result of the Underwriters' exercise of the Over-Allotment Option in full, the aggregate gross proceeds of the Offering were US$287.5 million, before deducting underwriting discounts and commissions and offering expenses. The Offering, including the sale of the Option Notes, closed on October 17, 2018. APUC intends to use all of the net proceeds from the Offering to repay outstanding indebtedness. APUC's application to list the Notes on the
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