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, Feb. 3, 2017 /CNW/ - Algonquin Power &
Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) announced today
the results of the final instalment payment in respect of its
5.00% convertible unsecured subordinated debentures ("Debentures")
represented by instalment receipts ("Instalment Receipts").
Holders of $1,039,034,075 principal
amount of Debentures have elected to convert their Debentures into
APUC common shares ("Common Shares"). As a result, APUC has issued
98,022,082 Common Shares to former holders of Debentures. It is
expected that $110,965,925 principal
amount of Debentures will remain outstanding after giving effect to
such conversions.
Holders of Debentures have the right, at any time prior to
redemption or maturity, to convert their Debentures into Common
Shares at a price of $10.60 per
Common Share. On February 2, 2017,
the closing price of the Common Shares on the Toronto Stock
Exchange (the "TSX") was $11.58.
Holders of Debentures are encouraged to exercise their conversion
right before the next Common Share dividend record date to ensure
that they receive future dividends paid by APUC. Conversion
elections must be made by holders of Debentures through their
broker, investment advisor or other intermediary.
Holders of Debentures are reminded that as of today the
interest payable on the Debentures has fallen to an annual rate of
0%. As a result, no further interest will accrue or be paid on the
Debentures. The Debentures are not and will not be listed on the
TSX and may in the future be redeemed by APUC for 100% of their
principal amount.
The Instalment Receipts, which until yesterday represented the
interest of holders in the underlying Debentures, have now been
cancelled and delisted from the TSX.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission
and distribution utility with $10
billion of total assets. Liberty Utilities provides rate
regulated natural gas, water and electricity generation,
transmission and distribution utility services to over 782,000
customers in the United States.
APUC is committed to being a North American leader in the
generation of clean energy through its portfolio of long term
contracted wind, solar and hydroelectric generating facilities
representing more than 1,150 MW of installed capacity. APUC
delivers continuing growth through an expanding pipeline of
renewable energy development projects, organic growth within its
rate regulated generation, distribution and transmission
businesses, and the pursuit of accretive acquisitions. Common
shares and preferred shares are traded on the Toronto Stock
Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D.
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.
Caution Regarding 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 conversion
of the Debentures. 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.
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.