Algonquin power & utilities corp. announces pricing of subordinated debt offerings

Oakville, on, jan. 12, 2022 /prnewswire/ - algonquin power & utilities corp. ("aqn" or the "company") (tsx: aqn) (nyse: aqn) today announced that it has priced the previously announced (i) underwritten public offering in the united states (the "u.s. offering") of us$750 million aggregate principal amount of 4.75% fixed-to-fixed reset rate junior subordinated notes series 2022-b due january 18, 2082 (the "u.s. notes"); and (ii) underwritten public offering in canada (the "canadian offering" and, together with the u.s. offering, the "offerings") of c$400 million (approximately us$320 million) aggregate principal amount of 5.25% fixed-to-fixed reset rate junior subordinated notes series 2022-a due january 18, 2082 (the "canadian notes" and, together with the u.s. notes, the "notes"). concurrent with the pricing of the offerings, the company entered into a cross currency interest rate swap, coterminous with the canadian notes, to convert the canadian dollar denominated proceeds from the canadian offering into u.s. dollars, resulting in an effective interest rate to the company of approximately 5.08% throughout the initial fixed-rate period of the canadian notes.
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