/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
TORONTO, Nov. 9, 2012 /CNW/ - Algonquin Power & Utilities Corp.
("Algonquin") is pleased to announce the closing of the previously
announced offering of Cumulative Rate Reset Preferred Shares, Series A
(the "Series A Shares"). Algonquin issued a total of 4,800,000 Series A
Shares at $25 per share for aggregate gross proceeds of $120 million.
For the initial period ending December 31, 2018, holders of Series A
Shares are entitled to receive a cumulative quarterly fixed dividend of
$1.1250 per share per annum (4.5% on the subscription price of $25 per
share), as and when declared by the board of directors of the
The offering was made on a bought deal basis through a syndicate of
underwriters led by Scotiabank and TD Securities Inc., and included BMO
Capital Markets, CIBC World Markets Inc., Desjardins Securities Inc.,
National Bank Financial Inc., RBC Capital Markets, Canaccord Genuity
Corp., Cormark Securities Inc. and Raymond James Ltd.
The Series A Shares will commence trading on the Toronto Stock Exchange
today under the symbol AQN.PR.A.
The net proceeds of the offering will be used to fund a portion of
Algonquin's investment in two wind farms (Minonk and Senate) in the
United States and for general corporate purposes.
About Algonquin Power & Utilities Corp.
Algonquin owns and operates a diversified portfolio of $1.7 billion of
regulated and non-regulated utilities in North America. The company's
regulated utilities business provides regulated water, electricity and
natural gas utility services to more than 335,000 customers with a
portfolio of 27 distribution utility systems. The company's
non-regulated electric generation subsidiary includes 23 renewable
energy facilities and 7 thermal energy facilities representing more
than 460 MW of installed capacity. Algonquin delivers continuing growth
through an expanding pipeline of renewable power and clean energy
projects, organic growth within its regulated utilities and the pursuit
of accretive acquisition opportunities. Common shares are traded on the
Toronto Stock Exchange under the symbol AQN. Visit Algonquin Power and
Utilities at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information
that is forward-looking within the meaning of certain securities laws,
including information and statements regarding prospective results of
operations, financial position or cash flows. 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. Algonquin 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 the management's discussion and
analysis section of Algonquin's most recent annual report, quarterly
report, and Algonquin's 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, Algonquin undertakes no obligation to
update any forward-looking statements or information to reflect new
information, subsequent or otherwise.
SOURCE: Algonquin Power & Utilities Corp.
For further information:
Algonquin Power & Utilities Corp.
2845 Bristol Circle, Oakville, Ontario, L6H 7H7
Telephone: (905) 465-4500