Algonquin Power intends to sell C$100 million senior debentures

By Cristal Cody

Prospect News, July 19 - Algonquin Power & Utilities Corp. plans to offer C$100 million of senior debentures (/BBB-/DBRS: BBB), informed sources said Tuesday.

The markets expect a seven-year deal though details have not been finalized, one informed bond source said.

The company announced on Monday that the proceeds will be used to repay the project debt on the company's St. Leon Wind Energy facility due in October 2011, to reduce amounts outstanding under the senior credit facility and for general corporate purposes.

National Bank Financial Inc. and BMO Capital Markets Corp. are the co-lead managers.

Algonquin Power is an Oakville, Ont.-based open-ended investment trust that owns and operates electric utilities in North America.

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