Algonquin Power & Utilities Announces Closing of Bought Deal Offering of Common Shares

Algonquin Power & Utilities (TSX:AQN; NYSE:AQN) has announced it has closed a bought deal offering previously announced on November 1, 2017.
As quoted in the press release:

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.

Click here to read the full press release.