This news release constitutes a "designated news
release" for the purposes of the Company's prospectus supplement
dated February 28, 2019 to its short
form base shelf prospectus dated September
18, 2018.
OAKVILLE, ON, Oct. 7, 2019 /PRNewswire/ - Algonquin Power &
Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today
announced the commencement of an underwritten marketed public
offering (the "Offering") of 21,520,804 common shares of the
Company.
In conjunction with the Offering, APUC expects to grant the
underwriters involved in the Offering an option to purchase up to
an additional 3,228,120 common shares for a period of 30 days
following pricing of the Offering.
The net proceeds from the Offering will be used to partially
finance certain of the Company's previously-announced acquisitions,
to partially finance the Company's renewable development growth
projects, and for general corporate purposes.
Morgan Stanley and Wells Fargo Securities are acting as joint
book-running managers for the Offering.
The Offering is being made to the public only by means of a
short form base shelf prospectus and the related preliminary
prospectus supplement. The short form base shelf prospectus and the
related preliminary prospectus supplement contain important
information about the Offering. Investors should read the short
form base shelf prospectus and the related preliminary prospectus
supplement before making an investment decision. Copies of the
short form base shelf prospectus and the related preliminary
prospectus supplement may be obtained for free by visiting
www.sedar.com or EDGAR on the SEC's website at www.sec.gov (File
No. 333-227245).
Copies of the short form base shelf prospectus and the
preliminary prospectus supplement relating to the Offering may also
be obtained from Morgan Stanley at the following address: Morgan
Stanley & Co. LLC, Attention: Morgan Stanley Prospectus
Department, 180 Varick Street, Second Floor, New York, New York 10014 and from Wells Fargo
at the following address: Wells Fargo Securities Canada, Ltd.,
Attention: Ryan Cheung, 22 Adelaide
St. W., Suite 2200, Toronto, ON
M5H 4E3. This press release does not constitute an offer to sell or
the solicitation of an offer to buy the securities described
herein, nor shall there be any sale of these securities in any
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and
distribution utility with approximately US$10 billion of total assets. Through its two
business groups, APUC is committed to providing safe, reliable and
cost effective rate-regulated natural gas, water, and electricity
generation, transmission and distribution utility services to
nearly 800,000 connections in the United
States and Canada, and is a
global leader in renewable energy through its portfolio of
long-term contracted wind, solar and hydroelectric generating
facilities representing over 2.5 GW of net installed capacity and
more than 500 MW of incremental renewable energy capacity under
construction.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute
"forward-looking information" within the meaning of applicable
securities laws in each of the provinces of Canada and the respective policies,
regulations and rules under such laws and ''forward-looking
statements'' within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, ''forward-looking
statements"). The words "will", "expects", "intends" and similar
expressions are often intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Specific forward-looking statements
contained in this news release include, but are not limited to
statements regarding information as to the timing, conditions and
terms of the Offering; the size of the Offering; and the expected
use of proceeds. These statements are based on factors or
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including assumptions based on historical
trends, current conditions and expected future developments. Since
forward-looking statements relate to future events and conditions,
by their very nature they require making assumptions and involve
inherent risks and uncertainties. APUC cautions that although it is
believed that the assumptions are reasonable in the circumstances,
these risks and uncertainties give rise to the possibility that
actual results may differ materially from the expectations set out
in the forward-looking statements. Material risk factors include
those set out in APUC's most recent annual and interim management's
discussion and analysis, most recent annual information form and
base shelf prospectus and preliminary prospectus supplement
relating to the Offering. Given these risks, undue reliance should
not be placed on these forward-looking statements, which apply only
as of their dates. Other than as specifically required by law, APUC
undertakes no obligation to update any forward-looking statements
to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.