Algonquin Power announces conversion rights for series D preferreds

Chicago, Feb. 20 – Algonquin Power & Utilities Corp. announced that holders of its 4 million series D cumulative rate reset preferred shares may convert their shares on a one-to-one basis into series E cumulative floating-rate preferred shares, according to a press release.

Holders of the C$25-par shares have conversion rights as Algonquin Power has elected to not redeem the series D preferred shares on April 1.

The dividend rates will be determined on March 1 and announced in a news release on March 4.

The conversion period runs from March 4 to March 18 at 5 p.m. ET.

The conversion rights are subject to a condition that at least 1 million shares of either series needs to be outstanding after the conversion rights have been exercised.

Algonquin Power is an Oakville, Ont.-based diversified utilities company.

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