NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR
DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR TO U.S. PERSONS
OAKVILLE, ON, Feb. 3, 2017 /CNW/ - Algonquin Power &
Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) announced today the results of the final instalment payment in respect of its
5.00% convertible unsecured subordinated debentures ("Debentures") represented by instalment receipts ("Instalment
Receipts"). Holders of $1,039,034,075 principal amount of Debentures have elected to convert their
Debentures into APUC common shares ("Common Shares"). As a result, APUC has issued 98,022,082 Common Shares to former holders of
Debentures. It is expected that $110,965,925 principal amount of Debentures will remain outstanding
after giving effect to such conversions.
Holders of Debentures have the right, at any time prior to redemption or maturity, to convert their Debentures into Common
Shares at a price of $10.60 per Common Share. On February 2, 2017,
the closing price of the Common Shares on the Toronto Stock Exchange (the "TSX") was $11.58.
Holders of Debentures are encouraged to exercise their conversion right before the next Common Share dividend record date to
ensure that they receive future dividends paid by APUC. Conversion elections must be made by holders of Debentures through their
broker, investment advisor or other intermediary.
Holders of Debentures are reminded that as of today the interest payable on the Debentures has fallen to an annual rate of
0%. As a result, no further interest will accrue or be paid on the Debentures. The Debentures are not and will not be listed on
the TSX and may in the future be redeemed by APUC for 100% of their principal amount.
The Instalment Receipts, which until yesterday represented the interest of holders in the underlying Debentures, have now been
cancelled and delisted from the TSX.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10
billion of total assets. Liberty Utilities provides rate regulated natural gas, water and electricity generation,
transmission and distribution utility services to over 782,000 customers in the United States.
APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term
contracted wind, solar and hydroelectric generating facilities representing more than 1,150 MW of installed capacity. APUC
delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate
regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and
preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common
shares are also listed on the New York Stock Exchange under the symbol AQN. Visit APUC at www.AlgonquinPowerandUtilities.com and follow us
on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain matters discussed in this press release are "forward-looking statements" within the meaning of applicable securities
laws. Statements that are not historical facts, including statements about beliefs, expectations, estimates, projections, goals,
forecasts, assumptions, risks and uncertainties, are forward-looking statements. Forward-looking statements are often
characterized by the use of words such as "believes," "estimates," "expects," "projects," "may," "intends," "plans,"
"anticipates," "pro forma," "predicts," "seeks," "could," "would," "will," "can," "continue" or "potential" and the negative of
these terms or other comparable or similar terminology or expressions. The forward-looking statements in this press release
include, without limitation, statements relating to the conversion of the Debentures. These statements reflect APUC management's
current beliefs and are based on information currently available to APUC. Certain factors or assumptions have been applied in
drawing the conclusions contained in the forward-looking statements (some of which may prove to be incorrect). APUC cautions
readers that a number of factors could cause actual results, performance or achievement to differ materially from the results
discussed or implied in the forward-looking statements.
Additional detailed information about these assumptions, risks and uncertainties is included in APUC's securities regulatory
filings, including under the heading "Enterprise Risk Management" in APUC's annual Management's Discussion and Analysis and in
its Annual Information Form, which can be found on SEDAR at www.sedar.com. Except as required by law, APUC disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Algonquin Power & Utilities Corp.
To view this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2017/03/c2704.html