OAKVILLE, ON, Nov. 10, 2017 /PRNewswire/ - Algonquin Power
& Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) is pleased to
announce that it has closed the bought deal offering announced on
November 1, 2017, including the
exercise in full of the underwriters' over-allotment option. A
total of 43,470,000 common shares (the "Common Shares") of APUC
were sold at a price of $13.25 per
share for gross proceeds of approximately $576 million (the "Offering").
Net proceeds of the Offering are expected to be used, in part,
to finance APUC's recently announced acquisition of a 25% ownership
stake in Atlantica Yield plc from Abengoa, S.A. and for general
corporate purposes.
The Common Shares were sold on a bought deal basis pursuant to
an underwriting agreement with a syndicate of underwriters.
The Common Shares were offered to the public in Canada by way of a supplement to APUC's short
form base shelf prospectus dated March 17,
2017. The securities referred to herein have not been and
will not be registered under the United States Securities Act of
1933, as amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
This news release does not constitute an offer to sell or the
solicitation of any offer to buy, nor will there be any sales of
these securities in any province, state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
province, state or jurisdiction.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution
utility with $10 billion of total
assets in the US and Canada
representing more than 1,250 MW of installed capacity. Through its
two business groups, APUC provides rate regulated natural gas,
water, and electricity generation, transmission, and distribution
utility services to over 750,000 customers in the United States, and is committed to being a
global leader in the generation of clean energy through its
portfolio of long term contracted wind, solar and hydroelectric
generating facilities. 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 statements included in this news release contain
information that is forward-looking within the meaning of
applicable securities laws, including information and statements
regarding the expected use of the net proceeds from 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. 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 the management's discussion and analysis section of APUC's
most recent annual report, quarterly report, and APUC'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, APUC
undertakes no obligation to update any forward-looking statements
or information to reflect new information, subsequent or
otherwise.
SOURCE Algonquin Power & Utilities Corp.