Algonquin Power & Utilities to redeem 7% series 3 convertibles

By Tali David

Minneapolis, Nov. 19 - Algonquin Power & Utilities Corp. plans to redeem its 7% convertible unsecured subordinated series 3 debentures due June 30, 2017, according to a press release.

The convertibles will be redeemed on Jan. 1.

Algonquin will satisfy its obligation to pay holders of debentures by issuing a number of Algonquin shares obtained by dividing the aggregate principal amount of debentures, currently $62,196,000, by 95% of the current market price, as defined in the trust indenture governing the debentures, of Algonquin shares on the redemption date.

Accrued interest will be paid in cash at the time of redemption.

Algonquin is an Oakville, Ont.-based electric power and distribution company.

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