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OAKVILLE, ON, Jan. 3, 2017 /CNW/ - Algonquin Power &
Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) issued today the
final instalment notice (the "Final Instalment Notice") in respect
of its 5.00% convertible unsecured subordinated debentures
("Debentures") represented by instalment receipts ("Instalment
Receipts").
The Final Instalment Notice provides that, among other things:
(i) payment of the final instalment ($667 per $1,000
principal amount of Debentures) is due by February 2, 2017 (the "Final Instalment
Date"); (ii) holders of Debentures will receive accrued and unpaid
interest of $6.8493 per $1,000 principal amount of Debentures; (iii)
holders of Debentures who have paid the final instalment on or
before the Final Instalment Date will also receive a make-whole
payment of $3.6986 per $1,000 principal amount of Debentures,
representing the interest that would have accrued from the day
following the Final Instalment Date to and including March 1, 2017; and (iv) concurrently with or at
any time after the Final Instalment Date and prior to redemption or
maturity, holders of fully paid Debentures will have the right to
convert their Debentures into APUC common shares at a conversion
price of $10.60 per common share.
APUC will issue up to 108,490,556 common shares on conversion of
the outstanding Debentures. On the day following the Final
Instalment Date, the interest rate payable on the Debentures will
fall to an annual rate of 0% and interest will cease to accrue on
the Debentures. APUC expects the Instalment Receipts to be delisted
from the Toronto Stock Exchange (the "TSX") on or about the Final
Instalment Date. The Debentures are not and will not be listed on
the TSX.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission
and distribution utility with $10
billion in total assets. The distribution business group
provides rate regulated water, electricity and natural gas utility
services to over 782,000 customers in the
United States. The generation business group owns a
portfolio of regulated and long-term contracted North American
based wind, solar, hydroelectric and thermal powered generating
facilities representing more than 2,500 MW of installed capacity.
The transmission business group invests in rate regulated electric
transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth
through an expanding pipeline of renewable energy development
projects, organic growth within its regulated distribution and
transmission businesses, and the pursuit of accretive acquisitions.
Common shares, preferred shares, and instalment receipts are traded
on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A,
AQN.PR.D, and AQN.IR. APUC's common shares are also listed on the
New York Stock Exchange under the symbol AQN. Visit APUC at
www.AlgonquinPowerandUtilities.com and follow us on Twitter
@AQN_Utilities.
Forward Looking Information
Certain matters discussed in this press release are
"forward-looking statements" within the meaning of applicable
securities laws. Statements that are not historical facts,
including statements about beliefs, expectations, estimates,
projections, goals, forecasts, assumptions, risks and
uncertainties, are forward-looking statements. Forward-looking
statements are often characterized by the use of words such as
"believes," "estimates," "expects," "projects," "may," "intends,"
"plans," "anticipates," "pro forma," "predicts," "seeks," "could,"
"would," "will," "can," "continue" or "potential" and the negative
of these terms or other comparable or similar terminology or
expressions. The forward-looking statements in this press release
include, without limitation, statements relating to the timing of
the Final Instalment Date. These statements reflect APUC
management's current beliefs and are based on information currently
available to APUC. Certain factors or assumptions have been applied
in drawing the conclusions contained in the forward-looking
statements (some of which may prove to be incorrect). APUC cautions
readers that a number of factors could cause actual results,
performance or achievement to differ materially from the results
discussed or implied in the forward-looking statements. Important
factors that could cause actual results, performance and results to
differ materially from those indicated by any such forward-looking
statements include risks and uncertainties relating to the
following: (i) the risk that other conditions to the closing of the
proposed acquisition may not be satisfied; and (ii) the timing to
consummate the acquisition.
Additional detailed information about these assumptions, risks
and uncertainties is included in APUC's securities regulatory
filings, including under the heading "Enterprise Risk Management"
in APUC's annual Management's Discussion and Analysis and in its
Annual Information Form, which can be found on SEDAR at
www.sedar.com. Except as required by law, APUC disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE Algonquin Power & Utilities Corp.