OAKVILLE, ON, March 21, 2019
/PRNewswire/ - Further to the press releases of Algonquin
Power & Utilities Corp. (TSX:AQN, AQN.PR.D) (NYSE: AQN) ("APUC"
or the "Company") dated February 26,
2019 and March 1, 2019, APUC
announced today that none of its outstanding 4,000,000 Cumulative
Rate Reset Preferred Shares, Series D (the "Series D Preferred
Shares") will be converted on April 1,
2019, into Cumulative Floating Rate Preferred Shares, Series
E (the "Series E Preferred Shares") of the Company. During the
conversion notice period which ran from March 1, 2019 to March 15,
2019, less than 1,000,000 Series D Preferred Shares were
tendered for conversion into Series E Preferred Shares.
As per the terms and conditions of the Series D Preferred Shares
described in the prospectus supplement of the Company dated
February 25, 2014 to a short form
base shelf prospectus of the Company dated February 18, 2014 relating to the issuance of
Series D Preferred Shares, since there would remain
outstanding on April 1, 2019, after
having taken into account all Series D Preferred Shares tendered
for conversion into Series E Preferred Shares, less than 1,000,000
Series E Preferred Shares, holders of Series D Preferred Shares who
tendered their Series D Preferred Shares for conversion will not be
entitled to convert their Series D Preferred Shares into Series E
Preferred Shares. As a result, Series E Preferred Shares will not
be issued at this time.
All dollar amounts referenced herein are in U.S. dollars unless
otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution
utility with approximately $9 billion
of total assets. Through its two business groups, APUC provides
rate regulated natural gas, water, and electricity generation,
transmission, and distribution utility services to over 768,000
connections in the United States,
and is committed to being a global leader in the generation of
clean energy through ownership of or investments in long‐term
contracted wind, solar and hydroelectric generating facilities
representing over 2 GW of installed capacity. APUC
delivers continuing growth through an expanding pipeline of
renewable energy, electric transmission, and water infrastructure
development projects with a global focus, organic growth within its
rate-regulated generation, distribution and transmission
businesses, and the pursuit of accretive acquisitions. APUC's
common shares, Series A preferred shares and Series D preferred
shares are listed on the Toronto Stock Exchange under the symbols
AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A
subordinated notes are also listed on the New York Stock Exchange
under the symbols AQN and AQNA.
Visit APUC at www.algonquinpower.com and follow us on
Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute
"forward-looking information" within the meaning of applicable
securities laws in each of the provinces of Canada and the respective policies,
regulations and rules under such laws and "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
statements"). The words "expected", "intends" and similar
expressions are often intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. These statements are based on factors or
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including assumptions based on historical
trends, current conditions and expected future developments. Since
forward-looking statements relate to future events and conditions,
by their very nature they require making assumptions and involve
inherent risks and uncertainties. APUC cautions that although it is
believed that the assumptions are reasonable in the circumstances,
these risks and uncertainties give rise to the possibility that
actual results may differ materially from the expectations set out
in the forward-looking statements. Material risk factors include
those set out in APUC's most recent annual and interim management's
discussion and analysis and most recent annual information form.
Given these risks, undue reliance should not be placed on these
forward-looking statements, which apply only as of their dates.
Other than as specifically required by law, APUC undertakes no
obligation to update any forward-looking statements to reflect new
information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.