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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Algonquin Power & Utilities Corp    AQN   CA0158571053

ALGONQUIN POWER & UTILITIES CORP (AQN)
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Algonquin Power & Utilities Corp. : Announces Closing of Bought Deal Offering of Common Shares

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11/10/2017 | 02:38pm CEST

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

OAKVILLE, ON, Nov. 10, 2017 /CNW/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) is pleased to announce that it has closed the bought deal offering announced on November 1, 2017, including the exercise in full of the underwriters' over-allotment option. A total of 43,470,000 common shares (the "Common Shares") of APUC were sold at a price of $13.25 per share for gross proceeds of approximately $576 million (the "Offering").

Net proceeds of the Offering are expected to be used, in part, to finance APUC's recently announced acquisition of a 25% ownership stake in Atlantica Yield plc from Abengoa, S.A. and for general corporate purposes.

The Common Shares were sold on a bought deal basis pursuant to an underwriting agreement with a syndicate of underwriters led by Scotiabank, CIBC Capital Markets, and TD Securities Inc., and including BMO Capital Markets, RBC Capital Markets, Desjardins Securities Inc., National Bank Financial Inc., Raymond James Ltd. and Industrial Alliance Securities Inc.

The Common Shares were offered to the public in Canada by way of a supplement to APUC's short form base shelf prospectus dated March 17, 2017. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sales of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

About Algonquin Power & Utilities Corp.

APUC is a diversified generation, transmission and distribution utility with $10 billion of total assets in the US and Canada representing more than 1,250 MW of installed capacity. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities. 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 statements included in this news release contain information that is forward-looking within the meaning of applicable securities laws, including information and statements regarding the expected use of the net proceeds from the Offering. 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 the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. 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 or information to reflect new information, subsequent or otherwise.

SOURCE Algonquin Power & Utilities Corp.

© Canada Newswire, source Canada Newswire English

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Financials ( CAD)
Sales 2018 2 287 M
EBIT 2018 621 M
Net income 2018 242 M
Debt 2018 5 489 M
Yield 2018 4,87%
P/E ratio 2018 24,22
P/E ratio 2019 16,28
EV / Sales 2018 5,02x
EV / Sales 2019 5,12x
Capitalization 5 987 M
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Algonquin Power & Utilitie Technical Analysis Chart | AQN | CA0158571053 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 14,5  CAD
Spread / Average Target 14%
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Managers
NameTitle
Ian E. Robertson Chief Executive Officer & Director
Kenneth Moore Chairman
David Bronicheski Chief Financial Officer
Christopher J. Ball Independent Director
George L. Steeves Independent Director
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