By Lisa Kerner
Charlotte, N.C., April 30 – Algonquin Power & Utilities Corp.’s regulated distribution utility business privately placed $160 million of 30-year 4.13% senior unsecured notes.
Proceeds will be used to partially fund the previously announced acquisition of the Park Water System occurring later in 2015 and for general corporate purposes, according to a news release.
The funds are being drawn in two tranches: $90 million immediately upon closing and $70 million in the second quarter of 2015.
This is the fourth series of notes issued pursuant to the distribution group’s master indenture.
DBRS Ltd. assigned the notes a credit rating of BBB (high).
Algonquin is an oil and gas explorer based in Calgary, Alta.
| Issuer: | Algonquin Power & Utilities Corp.’s regulated distribution utility business
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| Issue: | Senior unsecured notes
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| Amount: | $160 million
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| Coupon: | 4.13%
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| Maturity: | 30 years
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| Rating: | DBRS Ltd.: BBB (high)
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| Distribution: | Private placement
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