Algonquin greenshoe exercised, lifts convertibles to C$63.25 million

By Marisa Wong

Milwaukee, Dec. 2 - Algonquin Power & Utilities Corp. announced that the underwriters of its offering of 7% convertible unsecured subordinated debentures due June 30, 2017 exercised the C$8.25 million over-allotment option in full, increasing the size of the issue to C$63.25 million.

The offering was completed on a bought-deal basis on Wednesday, according to a news release.

Algonquin priced C$55 million of 7.5-year convertibles on Nov. 10 to yield 7% with an initial conversion premium of 25%.

The company concurrently offered 5.98 million shares of common stock at C$3.35 per share.

As part of the greenshoe exercise, Algonquin sold an additional 897,000 common shares.

Gross proceeds from the sale of the debentures and common shares total C$86,287,950.

CIBC World Markets Inc. and BMO Capital Markets led the syndicate of underwriters for the offering.

Oakville, Ont.-based Algonquin is an electric power and distribution company.

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