Algonquin Power & Utilities Corp. received $287.5 million in gross proceeds from an offering of 6.875% fixed-to-floating subordinated notes due Oct. 17, 2078.
The gross proceeds include $37.5 million from the full exercise of underwriters' overallotment option, according to an Oct. 17 news release. The company plans to use all net proceeds to repay outstanding indebtedness.
Algonquin Power & Utilities has also secured approval to list the notes on the New York Stock Exchange.
Bank of America Merrill Lynch, J.P. Morgan, Morgan Stanley, Wells Fargo Securities and RBC Capital Markets served as joint book-running managers. BMO Capital Markets and CIBC Capital Markets acted as co-managers.