OAKVILLE, ON, May 15, 2020 /PRNewswire/ - Algonquin Power &
Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced that it
has re-established its at-the-market equity program (the "ATM
Program"). The ATM Program allows APUC to issue up to
U.S.$500,000,000 (or the equivalent
in Canadian dollars) of common shares from treasury ("Common
Shares") to the public from time to time, at APUC's discretion, at
the prevailing market price when issued on the Toronto Stock
Exchange (the "TSX"), the New York Stock Exchange (the "NYSE") or
on any other existing trading market for the Common Shares in
Canada or the United States.
The ATM Program was re-established following the withdrawal by APUC
of its previous base shelf prospectus dated September 18, 2018 in connection with the filing
of its current base shelf prospectus dated April 3, 2020.
The ATM Program provides APUC with additional financing
flexibility should it be required or desirable in the future. The
volume and timing of distributions under the ATM Program, if any,
will be determined at APUC's sole discretion. The ATM Program will
be effective until May 3, 2022 unless
terminated prior to such date by APUC or otherwise in accordance
with the terms of the equity distribution agreement dated
May 15, 2020 (the "Equity
Distribution Agreement"). APUC intends to use the net proceeds from
the ATM Program, if any, to fund acquisitions, general and
administrative expenses, working capital needs, repayment of
indebtedness and/or other general corporate purposes.
Sales of the Common Shares through the ATM Program will be made
pursuant to the terms of the Equity Distribution Agreement among
APUC and RBC Dominion Securities Inc., J.P. Morgan Securities
Canada Inc., Merrill Lynch Canada Inc., Scotia Capital Inc. and TD
Securities Inc. (collectively, the "Canadian Agents") and RBC
Capital Markets, LLC, J.P. Morgan Securities LLC, BofA Securities,
Inc., Scotia Capital (USA) Inc.
and TD Securities (USA) LLC (the
"U.S. Agents" and, together with the Canadian Agents, the
"Agents").
Since the Common Shares will be distributed at the prevailing
market prices at the time of the sale, prices may vary among
purchasers and during the period of distribution. The ATM Program
is being re-established pursuant to a prospectus supplement dated
May 15, 2020 (the "Canadian
Prospectus Supplement") to APUC's Canadian base shelf prospectus
dated April 3, 2020 (the "Shelf
Prospectus") and pursuant to a prospectus supplement dated
May 15, 2020 (the "U.S. Prospectus
Supplement") to APUC's U.S. base shelf prospectus dated
April 3, 2020 (the "U.S. Shelf
Prospectus") included in its U.S. registration statement on Form
F-10 (the "Registration Statement"), filed with the U.S. Securities
and Exchange Commission. The Canadian Prospectus Supplement and
Shelf Prospectus are available on SEDAR at www.sedar.com and the
U.S. Prospectus Supplement, the U.S. Shelf Prospectus and the
Registration Statement are available on EDGAR at www.sec.gov.
Alternatively, the Agents will arrange to send copies of the
Canadian Prospectus Supplement and the Shelf Prospectus or the U.S.
Prospectus Supplement, the U.S. Shelf Prospectus and the
Registration Statement, as applicable, upon request by contacting
in Canada:
RBC Dominion Securities Inc. by mail at RBC Wellington Square,
8th Floor, 180 Wellington St. W., Toronto
Ontario, M5J 0C2, attn: Distribution Centre or by email at
Distribution.RBCDS@rbccm.com.
J.P. Morgan Securities Canada Inc. by mail at 66 Wellington St
W, Suite 4500, Toronto, ON, M5K
1E7.
Merrill Lynch Canada Inc. by mail at 181 Bay Street. Suite 400,
Toronto Ontario M5J2V8, attn: Debt
Capital Markets.
Scotia Capital Inc. by mail at Scotia Plaza, 64th Floor, 40 King
Street West, Toronto, ON M5H 3Y2,
attn: Equity Capital Markets, by email at ecm@scotiabank.com or by
telephone at 416.862.5837.
TD Securities Inc. by mail at Symcor, NPM, 1625 Tech Avenue,
Mississauga, Ontario L4W 5P5, by
email at sdcconfirms@td.com or by telephone at
289.360.2009.
or in the U.S.:
RBC Capital Markets, LLC by mail at 200 Vesey Street, 8th Floor,
New York, NY 10281-8098, attn:
Equity Syndicate, by email at equityprospectus@rbccm.com or by
telephone at 877.822.4089.
J.P. Morgan Securities LLC by mail at and c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, attn: Prospectus
Department, by email at prospectus-eq_fi@jpmchase.com or by
telephone at 1.866.803.9204.
BofA Securities, Inc., NC1-004-03-43, by mail at 200 North
College Street, 3rd floor, Charlotte
NC 28255-0001, attn: Prospectus Department or by email at
dg.prospectus_requests@bofa.com.
Scotia Capital (USA) Inc. by
mail at 250 Vesey Street, 24th Floor, New
York, NY 10281, attn: Equity Capital Markets, by email at
us.ecm.syndicate@scotiabank.com or by telephone at
212.225.6853.
TD Securities (USA) LLC by mail
at 31 W 52nd Street, New York, NY,
10019 or by telephone at 212.827.7392.
This news release shall not in any circumstances constitute an
offer to sell or a solicitation of an offer to buy, nor shall there
be any sale of these securities in any jurisdiction in which an
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the applicable securities laws
of any jurisdiction.
All dollar amounts referenced herein are in U.S. dollars unless
otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and
distribution utility with approximately $11
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 approximately
805,000 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 GW of installed capacity and more
than 1.4 GW of incremental renewable energy capacity under
construction.
APUC strives to deliver continuing growth through an expanding
global pipeline of renewable energy, electric transmission, and
water infrastructure development projects, organic growth within
its rate-regulated generation, distribution and transmission
businesses, and the pursuit of accretive acquisitions. APUC's
common shares, Series A preferred shares, and Series D preferred
shares are listed on the Toronto Stock Exchange under the symbols
AQN, AQN.PR.A, and AQN.PR.D, respectively. APUC's common shares,
Series 2018-A subordinated notes and Series 2019-A subordinated
notes are listed on the New York Stock Exchange under the symbols
AQN, AQNA and AQNB, respectively.
Visit APUC at www.algonquinpowerandutilities.com and
follow us on Twitter @AQN_Utilities.
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", "intends", "expects", "anticipates"
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
the anticipated sale and distribution of Common Shares under the
ATM Program and the volume and timing of the sale and distribution
of Common Shares under the ATM Program. 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 and most
recent annual information form. Given these risks, undue reliance
should not be placed on these forward-looking statements, which
apply only as of the date hereof. 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.
