Algonquin Power says no series D preferreds will be converted

Chicago, March 19 – Algonquin Power & Utilities Corp. said that holders of less than 1 million of its series D cumulative rate reset preferred shares tendered their shares and as a result none of the 4 million shares will be converted into series E cumulative floating-rate preferred shares, according to a press release.

Holders of the C$25-par shares had conversion rights as Algonquin Power elected to not redeem the series D preferred shares on April 1.

The quarterly dividend starting April will be based on an annualized 6.853%, as published in a press release on March 4.

The conversion period ran from March 4 to March 18 at 5 p.m. ET.

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

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