By Cristal Cody
Prospect News, July 25 - Algonquin Power & Utilities Corp. priced an upsized C$135 million in 5.5% seven-year senior debentures (/BBB-/DBRS: BBB) at 99.828 to yield 5.53%, an informed bond source said Monday.
The debentures due July 25, 2018 priced at a spread of 302.5 basis points over the Government of Canada benchmark.
The deal was upsized from C$100 million and closed on Monday, the company said.
National Bank Financial Inc. and BMO Capital Markets Corp. were joint lead managers.
Proceeds will be used to repay project debt on the company's St. Leon Wind Energy facility due in October 2011 and to reduce amounts outstanding under its senior credit facility.
Algonquin Power is an Oakville, Ont.-based open-ended investment trust that owns and operates electric and water utilities in North America.
| Issuer: | Algonquin Power & Utilities Corp.
|
| Amount: | C$135 million
|
| Maturity: | July 25, 2018
|
| Securities: | Senior debentures
|
| Bookrunners: | National Bank Financial Inc. and BMO Capital Markets Corp.
|
| Coupon: | 5.5%
|
| Price: | 99.828
|
| Yield: | 5.53%
|
| Spread: | 302.5 bps over Government of Canada benchmark
|
| Pricing date: | July 20
|
| Settlement date: | July 25
|
| Ratings: | Standard & Poor's: BBB-
|
| DBRS: BBB
|
| Distribution: | Canada
|
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