By Lisa Kerner
Charlotte, N.C., Dec. 13 - Liberty Water Co., Algonquin Power & Utilities Corp.'s water utility subsidiary, announced a $50 million private placement of 5.6% senior notes.
The notes have an average life maturity of 8.8 years and a final maturity of 10 years, according to a company news release.
UBS Securities LLC acted as lead bookrunner.
Liberty Water will use the proceeds to repay intercompany debt to Algonquin, which will in turn use the proceeds to reduce outstanding debt under its banking syndicate credit facility.
"The completion of this financing introduces longer-term debt and an increase in U.S. dollar-denominated debt, consistent with our refinancing strategy to seek a capital structure aligned with our North American power and utilities businesses," Algonquin chief executive officer Ian Robertson said in a company news release.
Oakville, Ont.-based Algonquin is an electric power and distribution company.
| Issuer: | Liberty Water Co.
|
| Issue: | Senior notes
|
| Amount: | $50 million
|
| Maturity: | 10 years
|
| Coupon: | 5.6%
|
| Bookrunner: | UBS Securities LLC (lead)
|
| Distribution: | Private placement
|
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