OAKVILLE, Dec. 3, 2018 /CNW/ - Further to the news release
of Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or
the "Company") dated November 28,
2018, APUC announced today the applicable dividend rates for
its Cumulative 5-Year Rate Reset Preferred Shares, Series A (the
"Series A Preferred Shares") and Cumulative Floating Rate Preferred
Shares, Series B (the "Series B Preferred Shares").
With respect to any Series A Preferred Shares that remain
outstanding after December 31, 2018,
holders thereof will be entitled to receive quarterly fixed
cumulative preferential cash dividends, if, as and when declared by
the board of directors of the Company (the "Board"). The dividend
rate for the 5-year period from and including December 31, 2018 to but excluding December 31, 2023 will be 5.162%, being equal to
the 5-year Government of Canada
bond yield determined as of today plus 2.94%, in accordance with
the terms of the Series A Preferred Shares.
With respect to any Series B Preferred Shares that may be issued
on December 31, 2018, holders thereof
will be entitled to receive quarterly floating rate cumulative
preferential cash dividends, if, as and when declared by the Board.
The dividend rate for the 3-month floating rate period from and
including December 31, 2018 to but
excluding March 31, 2019 will be 4.653%, being equal to the
3-month Government of Canada Treasury Bill yield determined as of
today plus 2.94%, calculated on the basis of the actual number of
days in such quarterly period divided by 365, in accordance with
the terms of the Series B Preferred Shares.
Beneficial owners of Series A Preferred Shares who wish to
exercise their conversion right should communicate with their
broker or other nominee to ensure their instructions are followed
so that the registered holder of the Series A Preferred Shares can
meet the deadline to exercise such conversion right, which is
5:00 p.m. (EST) on December 17, 2018.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution
utility with approximately US$9
billion of total assets. Through its two business groups,
APUC provides rate regulated natural gas, water, and electricity
generation, transmission, and distribution utility services to over
760,000 connections in the United
States, and is committed to being a global leader in the
generation of clean energy through its ownership of, or interest
in, long term contracted wind, solar and hydroelectric generating
facilities representing approximately 1.7 GW of installed capacity.
With a team of over 2,300 talented employees, 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. APUC's common shares, Series A
preferred shares and Series D preferred shares are listed on the
Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and
AQN.PR.D. APUC's common shares and Series A subordinated notes are
also listed on the New York Stock Exchange under the symbols AQN
and AQNA.
Visit APUC at www.algonquinpower.com and follow us on
Twitter @AQN_Utilities.
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 "expected", "intends" 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, but are not limited to, the
declaration of quarterly dividends. 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 APUC'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 their dates. Other than as specifically required
by law, APUC undertakes no obligation to update any forward-looking
statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.