Algonquin Power & Utilities will not convert any series D preferreds

By Angela McDaniels

Tacoma, Wash., March 21– Algonquin Power & Utilities Corp. said none of its 4 million series D cumulative rate reset preferred shares will be converted into series E cumulative floating-rate preferred shares.

As previously reported, the company does not plan to exercise its right to redeem the series D preferreds. As a result, the holders were given the right to convert all or part of their series D preferreds, on a one-for-one basis, into series E preferreds on April 1.

The right to convert was conditioned on at least 1 million series D preferreds being tendered during the conversion notice period, which ran from March 1 to March 15. This condition was not met.

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

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