OAKVILLE, ON, July 17, 2020 /PRNewswire/
- Algonquin Power & Utilities Corp. (TSX: AQN)
(NYSE: AQN) ("APUC" or the "Company") today announced that it has
closed its previously announced bought deal public offering,
including the exercise in full of the underwriters' over-allotment
option (the "Bought Deal"), and concurrent direct registered
offering (the "Concurrent Offering" and together with the Bought
Deal, the "Offerings"). A total of 57,465,500 common shares
of APUC (the "Common Shares") were sold under the Offerings at a
price of $17.10 per Common Share,
resulting in gross proceeds to APUC of $983
million.
Under the Bought Deal, 36,995,500 Common Shares were issued and
sold by the Corporation for gross proceeds to APUC of $633 million pursuant to an underwriting
agreement dated July 10, 2020 among
APUC and a syndicate of underwriters, led by Scotiabank and CIBC
Capital Markets.
Under the Concurrent Offering, 20,470,000 Common Shares were
issued and sold by the Corporation to an institutional investor for
gross proceeds to APUC of $350
million. The Common Shares offered in the Concurrent
Offering were sold directly to the institutional investor without
an underwriter or placement agent.
Net proceeds of the Offerings are expected to be used to
partially finance APUC's previously announced renewable development
growth projects and for general corporate purposes.
All dollar amounts referenced herein are in Canadian dollars
unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and
distribution utility with approximately U.S. $11 billion of total assets. Through its two
business groups, APUC is committed to providing safe, reliable and
cost effective rate-regulated natural gas, water, and electricity
generation, transmission and distribution utility services to
approximately 805,000 connections in the
United States and Canada,
and is a global leader in renewable energy through its portfolio of
long-term contracted wind, solar and hydroelectric generating
facilities representing over 2 GW of installed capacity and more
than 1.4 GW of incremental renewable energy capacity under
construction.
APUC strives to deliver continuing growth through an expanding
global pipeline of renewable energy, electric transmission, and
water infrastructure development projects, 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, respectively. APUC's common shares,
Series 2018-A subordinated notes and Series 2019- A subordinated
notes are listed on the New York Stock Exchange under the symbols
AQN, AQNA and AQNB, respectively.
Visit APUC at www.algonquinpowerandutilities.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 "will", "intends", "expects", "anticipates"
and similar expressions are often intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Specific
forward-looking statements contained in this news release include,
but are not limited to, statements regarding the expected use of
the net proceeds from the Offerings. 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 the date hereof. 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.