/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO
UNITED STATES NEWSWIRE SERVICES OR
TO U.S. PERSONS/
OAKVILLE, ON, April 6, 2021 /CNW/ - Algonquin Power Co., a
subsidiary in the Liberty Renewable Energy Group of Algonquin Power
& Utilities Corp. (TSX: AQN) (NYSE: AQN) ("Liberty
Power") announced today that it has offered for sale C$400 million 2.85% senior unsecured debentures
with a maturity date of July 15, 2031
(the "Liberty Power Debentures") pursuant to a private placement in
Canada (the "Offering"). The
Liberty Power Debentures were offered at a price of C$999.92 per C$1,000 principal amount.
The Liberty Power Debenture Offering is a "green bond" offering.
Under AQN's Green Financing Framework, the proceeds of the Offering
will be used to finance and/or refinance investments in renewable
power generation and clean energy technologies. This is
Liberty Power's second "green bond"
offering and aligns with AQN's commitment to advancing a
sustainable energy and water future. The Green Financing Framework
is available on AQN's website www.algonquinpower.com
Concurrent with the Offering, Liberty
Power is entering into a cross currency swap, coterminous
with the Liberty Power Debentures, to convert the Canadian dollar
denominated proceeds from the Offering into U.S. dollars, resulting
in an effective interest rate throughout the term of the Liberty
Power Debentures of approximately 2.83%.
Liberty Power Debentures are expected to receive final ratings
of BBB (stable) by Standard & Poor's Financial Services LLC,
BBB (stable) by Fitch Ratings Inc. and BBB (stable) by DBRS
Limited.
The Liberty Power Debentures are being offered through a
syndicate of agents led by CIBC World Markets Inc. and National
Bank Financial Inc. The Offering is expected to close on or about
April 9, 2021.
THE OFFER AND SALE OF THE LIBERTY POWER DEBENTURES HAS NOT BEEN
AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES. THEREFORE, THIS COMMUNICATION
DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER
TO BUY ANY OF THE LIBERTY POWERDEBENTURES IN THE UNITED STATES AND THE LIBERTY POWER
DEBENTURES MAY NOT BE SOLD IN THE UNITED
STATES OR TO U.S. PERSONS (AS DEFINED IN RULE 902(K) OF
REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENT OF THE SECURITIES ACT
AND APPLICABLE STATE SECURITIES LAWS. ACCORDINGLY, THE LIBERTY
POWER DEBENTURES ARE BEING OFFERED ONLY (1) TO A LIMITED NUMBER OF
QUALIFIED INSTITUTIONAL ACCREDITED INVESTORS IN TRANSACTIONS EXEMPT
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (2)
OUTSIDE THE UNITED STATES IN
COMPLIANCE WITH REGULATION S AND THE APPLICABLE LAWS OF THE
JURISDICTIONS WHERE THOSE OFFERS AND SALES OCCUR.
About Liberty Power
Liberty Power develops, owns, and
operates a portfolio of long-term contracted wind, solar, and
hydroelectric generating facilities. As an independent power
producer, Liberty Power delivers
stable and growing earnings from a diversified portfolio of
non-regulated renewable and clean energy powered electric
generation facilities; demonstrates a responsible attitude to the
environment and the community partners that host its facilities;
recognizes that continued development of people is key to success;
and provides continuing growth from an expanding pipeline of
greenfield renewable power projects and value accretive
acquisitions.
For more information, please
visit www.algonquinpower.com.
About Algonquin Power & Utilities Corp. and
Liberty
Algonquin Power & Utilities Corp., parent company of
Liberty Power, is a diversified
international generation, transmission, and distribution
utility with approximately U.S. $13 billion of total assets.
Through its two business groups, the Regulated Services Group and
the Renewable Energy Group, collectively known as "Liberty", AQN is
committed to providing safe, secure, reliable, cost-effective, and
sustainable energy and water solutions through its portfolio
of electric generation, transmission, and distribution utility
investments to over one million customer connections,
largely in the United States
and Canada. AQN is a global leader in renewable energy
through its portfolio of long-term contracted wind,
solar, and hydroelectric generating facilities. AQN owns,
operates, and/or has net interests in over 3 GW of installed
capacity.
AQN is committed to delivering growth and the pursuit of
operational excellence in a sustainable manner through an expanding
global pipeline of renewable energy and electric transmission
development projects, organic growth within its rate-regulated
generation, distribution, and transmission businesses, and the
pursuit of accretive acquisitions.
Visit AQN at www.algonquinpower.com
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", "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 the use of the proceeds from
the Offering, the expected final credit ratings for the Liberty
Power Debentures and the expected closing date of the Offering.
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. AQN 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 AQN'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, AQN undertakes no obligation to
update any forward-looking statements to reflect new information,
subsequent or otherwise.
SOURCE Liberty