Algonquin Power series A preferreds will not be converted to floaters

By Wendy Van Sickle

Columbus, Ohio, Dec. 19 – Algonquin Power & Utilities Corp. said none of its 4.8 million cumulative five-year rate reset preferred shares, series A, will be converted into cumulative floating-rate preferred shares, series B.

Less than 1 million series A preferreds were tendered for conversion into series B preferreds, which means that the series B preferreds will not be issued at this time, according to a company announcement.

The conversion notice period ran from Dec. 4 to Dec. 18.

Algonquin Power is an Oakville, Ont.-based diversified utilities company.

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