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Algonquin to offer C$172.5M of common stock

Algonquin Power & Utilities Corp. plans to offer 12,536,350 common shares for gross proceeds of approximately C$172.5 million.

The shares will be directly offered to institutional investors at C$13.76 apiece, without an underwriter or placement agent, according to a Dec. 14 release.

The company said it may use proceeds to partially fund Algonquin's acquisition of Enbridge Gas New Brunswick LP and for general corporate purposes.

Enbridge Gas New Brunswick is a subsidiary of Enbridge Inc.