Algonquin Power to remarket $1.15 billion of senior notes due 2026

By Mary-Katherine Stinson

Lexington, Ky., March 26 – Algonquin Power & Utilities Corp. will remarket $1.15 billion of its senior notes due June 15, 2026, according to a preliminary prospectus supplement filed with the Securities and Exchange Commission.

The notes are non-callable.

The $1 billion of the corporation’s 1.18% senior notes due 2026 notes were originally issued on June 23, 2021, as components of the corporation’s underwritten offering of 20 million equity units, initially consisting of corporate units. Algonquin subsequently issued an additional 3 million equity units through the exercise of an over-allotment option, resulting in a total of $1.15 billion total outstanding principal.

Each corporate unit initially consisted of both a purchase contract obligating the holder to purchase common stock and a 1/20th undivided beneficial interest in $1,000 principal amount of notes. The debentures are being remarketed on behalf of the corporate unitholders.

The notes are being remarketed in the United States by BofA Securities, Inc., CIBC World Markets Corp. and RBC Capital Markets, LLC and in Canada by Merrill Lynch Canada Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc.

Bank of New York Mellon Trust Co., NA is the purchase contract agent and U.S. trustee. The Canadian trustee is BNY Trust Co. of Canada.

Blake, Cassels & Graydon LLP will advise the corporation as to Canadian law and Gibson, Dunn & Crutcher LLP will advise the corporation as to U.S. law. Bennett Jones LLP (Canadian law) and Cravath, Swaine & Moore LLP (U.S. law) are legal counsel to the remarketing agents.

The corporation will not receive proceeds from the remarketing of the notes.

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

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