| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Algonquin Power Income Fund > News item |
Hydrogenics launches tender offer for Algonquin Power convertibles
New York, Sept. 22 - Hydrogenics Corp. said it has begun an offer to acquire the convertible debentures of Algonquin Power Income Fund.
Hydrogenics is also offering to buy the fund's units.
The offer runs through 12:01 a.m. local time at the place of deposit on Oct. 27.
Hydrogenics is making the offers as part of a non-dilutive financing transaction which will also involve its own shareholders having their stock redeemed for common shares of New Hyrdogenics. The assets and liabilities will also be transferred and new Hydrogenics will receive a C$10.8 million cash payment for tax attributes.
Algonquin Power has two series of convertibles outstanding.
For each C$1,000 principal amount of Algonquin Power's 6.65% convertible unsecured subordinated debentures due July 31, 2011, Hydrogenics is offering either C$1,050.00 principal amount of its 7.5% convertible unsecured subordinated debentures due Nov. 30, 2014 plus accrued interest up to the day before the effective date or 311.52 Hydrogenics common shares per C$1,000 principal amount plus accrued interest up to the day before the effective date. The stock option is subject to a maximum of 12,460,800 shares being issued.
For each C$1,000 principal amount of Algonquin's 6.2% convertible unsecured subordinated debentures of due Nov. 30, 2016, Hydrogenics is offering C$1,000.00 principal amount of 6.35% convertible unsecured subordinated debentures due Nov. 30, 2016 plus accrued interest up to the day before the effective date.
Hydrogenics develops and provides hydrogen generation and fuel cell products and services and is based in Mississauga, Ont.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.