By Cristal Cody
Prospect News, Nov. 28 - Algonquin Power Co. sold an upsized C$150 million of 4.82% senior debentures due Feb. 15, 2021 on Wednesday at 99.94 to yield 4.83% in a Canadian private placement, an informed source said.
The debentures (/BBB-/DBRS: BBB) priced at a spread of 325 basis points over the Government of Canada bond curve, tighter than talk in the 330 bps area. The deal was upsized from C$120 million.
National Bank Financial Inc. and BMO Capital Markets Corp. were the lead managers.
Oakville, Ont.-based Algonquin Power, a subsidiary of Algonquin Power & Utilities Corp., owns and operates regulated and non-regulated water, electricity and natural gas utilities in Canada and the United States.
| Issuer: | Algonquin Power Co.
|
| Amount: | C$150 million, upsized from C$120 million
|
| Maturity: | Feb. 15, 2021
|
| Securities: | Senior debentures
|
| Bookrunners: | National Bank Financial Inc., BMO Capital Markets Corp.
|
| Co-managers: | CIBC World Markets Inc., TD Securities Inc.
|
| Coupon: | 4.82%
|
| Price: | 99.94
|
| Yield: | 4.83%
|
| Spread: | 325 bps over Government of Canada bond curve
|
| Call feature: | Canada bond yield plus 81 bps
|
| Pricing date: | Nov. 28
|
| Settlement date: | Dec. 3
|
| Ratings: | Standard & Poor's: BBB-
|
| DBRS: BBB
|
| Distribution: | Canada private placement
|
| Price talk: | 330 bps over Government of Canada bond curve
|
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