From the Wires
Algonquin Power & Utilities Corp. Announces Redemption of Series 3 - 7% Convertible Debentures
By: PR Newswire
Nov. 19, 2012 05:00 PM
OAKVILLE, ON, Nov. 19, 2012 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN), today announced that it has provided the holders of its Series 3 - 7% convertible unsecured subordinated debentures due June 30, 2017 ("Debentures") (TSX:AQN.DB.B) notice of its intention to redeem for equity, effective January 1, 2013 ("Redemption Date"), all of the issued and outstanding Debentures.
The redemption will be effected in accordance with the terms and definitions of the trust indenture governing the Debentures. APUC will satisfy its obligation to pay holders of Debentures ("Debentureholders") by issuing and delivering the number of freely tradeable APUC 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 APUC shares on the Redemption Date. Unpaid accrued interest on the Debentures will be paid in cash at the time of redemption.
Debentureholders who are not directly the registered holder of the Debentures should contact the financial institution, broker or other intermediary through which their Debentures are held to discuss the receipt of their redemption proceeds.
Debentureholders may elect to convert their Debentures in accordance with the trust indenture governing the Debentures prior to the Redemption Date up to the end of business on December 31, 2012 by notifying their broker or other intermediary through which their Debentures are held. Debentures may not be converted between the dates of December 19, 2012 through December 30, 2012 due to a "books closed" period preceding the interest payment date of December 30, 2012.
About Algonquin Power & Utilities Corp.
SOURCE Algonquin Power & Utilities Corp.
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