Algonquin Power & Utilities Corp. on Oct. 10 priced an upsized public offering of 23 million common shares at $13.50 apiece for total gross proceeds of $310.5 million.
Underwriters have been granted an option to purchase up to an additional 3,450,000 common shares for a 30-day period. The offering is expected to close on or about Oct. 16, subject to customary closing conditions.
Algonquin Power plans to use net proceeds to partially finance previously announced acquisitions and renewable development growth projects and for general corporate purposes.
Morgan Stanley and Wells Fargo Securities are acting as lead book-running managers for the offering, while Bank of America Merrill Lynch and J.P. Morgan are acting as book-running managers. RBC Capital Markets, CIBC Capital Markets, Scotiabank, TD Securities Inc. and Raymond James are acting as co-managers for the offering.
