By Lisa Kerner
Charlotte, N.C., Aug. 2 - Algonquin Power & Utilities Corp.'s regulated distribution utility business Liberty Utilities completed a private placement of $125 million senior notes.
Proceeds will be used to repay the $100 million term loan drawn on April 1 and for general corporate purposes, according to a company news release.
The notes are senior unsecured with an average life maturity of over 10 years and a weighted average coupon of 3.81%, calculated semiannually, payable on Jan. 30 and July 30.
According to Algonquin, the notes have been assigned a credit rating of BBB (high) with a stable trend by DBRS Ltd.
Algonquin Power is an Oakville, Ont.-based electric power and distribution company.
| Issuer: | Liberty Utilities
|
| Issue: | Senior notes
|
| Amount: | $125 million
|
| Coupon: | Weighted average coupon of 3.81%
|
| Maturity: | Average life maturity over 10 years
|
| Distribution: | Private placement
|
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