Key Developments: Algonquin Power & Utilities Corp (AQUNF.PK)
7.95USD
23 May 2013
$0.16 (+2.07%)
$7.79
$7.93
$7.95
$7.93
6,098
9,118
$8.21
$5.86
Latest Key Developments (Source: Significant Developments)
Algonquin Power & Utilities Corp Announces 9.7% Common Share Dividend Increase and Declares Second Quarter 2013 Dividends
Algonquin Power & Utilities Corp announced that the Board of Directors of APUC (the Board) approved a dividend increase of $0.03annually per common share for a total annual dividend of $0.34 paid quarterly at a rate of $0.085 per common share. APUC also announced that the Board has declared a dividend of $0.085 on its common shares, payable on July 15, 2013 to the shareholders of record on June 28, 2013 for the period from April 1, 2013 to June 30, 2013. Full Article
Atmos Energy Corp Completes Sale Of Natural Gas Distribution Assets In Georgia To Algonquin Power & Utilities Corp's Liberty Energy (Georgia) Corp.
Atmos Energy Corp announced that it completed the sale of substantially all of its natural gas distribution assets located in Georgia to Liberty Energy (Georgia) Corp., an affiliate of Algonquin Power & Utilities Corp. The transaction included the transfer of approximately 64,000 residential and commercial meters. Net cash proceeds for rate base and related working capital were approximately $155 million, subject to final purchase price adjustments. Full Article
Algonquin Power & Utilities Corp Declares First Quarter 2013 Dividends
Algonquin Power & Utilities Corp announced that the Board of Directors of APUC (the Board) has declared a dividend of $0.0775 on its common shares, payable on April 15, 2013 to the shareholders of record on March 28, 2013 for the period from January 1, 2013 to March 31, 2013. Additionally, the Board has declared a dividend of $0.28125 per Preferred Share, Series A, payable in cash on March 28, 2013 to Preferred Share, Series A holders of record on March 22, 2013, for the period from December 31, 2012 to, but excluding, March 31, 2013. Full Article
Algonquin Power & Utilities Corp's Subsidiary Enters Agreement To Acquire Assets Of New England Gas Company
Algonquin Power & Utilities Corp announced that an APUC subsidiary entered into an agreement with The Laclede Group, Inc to assume Laclede's rights to purchase the assets of New England Gas Company from an affiliate of Southern Union Company. New England Gas is a natural gas distribution utility serving over 50,000 customers in Massachusetts. The acquisition is expected to close in the second half of 2013. Total consideration for the utility asset purchase is approximately U.S. $74 million. The acquisition will be funded using a targeted 52% equity, 48% debt capital structure and will include the assumption of $19.5 million of existing debt. Full Article
Algonquin Power & Utilities Corp's Subsidiary Announces Closing Of Acquisition Of Arkansas Water Distribution Utility Assets
Algonquin Power & Utilities Corp announced that the closing of the acquisition of the regulated water distribution utility assets located in Pine Bluff, Arkansas from United Waterworks Inc. The acquisition by subsidiary was originally announced in August 2012 and final regulatory approvals were received in December 2012. Consideration for the utility purchase was approximately $27.6 million representing a multiple of regulatory assets of approximately 1.16x, plus working capital and closing adjustments. The regulated water distribution utility provides water service to over 17,000 customers in the state of Arkansas. Full Article
Algonquin Power & Utilities Corp's Subsidiary Announces Closing Of Acquisition of 200 MW Minonk And 150 MW Senate Wind Power Facilities
Algonquin Power & Utilities Corp's renewable power generation subsidiary announced that it has completed the acquisition of a 60% interest in both the 200 MW Minonk Wind Project (Minonk) in Illinois and 150 MW Senate Wind Project (Senate) in Texas, from Gamesa Corporación Tecnológica, S.A. (Gamesa). As an element of the closing of the interest in Senate and Minonk, APCo has also increased its interest in the Pennsylvania based 50MW Sandy Ridge Wind Project (Sandy Ridge ) to 60% from 58.75%. Minonk, which achieved commercial operation (COD) in December 2012 is comprised of 100 Gamesa G9X-2.0 MW wind generating turbines and has a 10 year power sales contract with J.P. Morgan Energy Ventures Corporation. Total expected energy production from the facility is approximately 673.7 GW-hrs per year.Senate, which also achieved COD in December 2012 is comprised of 75 Gamesa G9X-2.0 MW wind generating turbines and has a 15 year power sales contract with J.P. Morgan Energy Ventures Corporation. Total expected energy production from the facility is approximately 520.4 GW-hrs per year. Full Article
Algonquin Power & Utilities Corp Announces Private Offering Of Senior Unsecured Debentures
Algonquin Power & Utilities Corp announced that Algonquin Power Co. (APCo), APUC's non-regulated power generation subsidiary, offered for sale CAD150 million 4.82% senior unsecured debentures with a maturity date of February 15, 2021 pursuant to a private placement in Canada and the United States. The APCo Debentures were sold at a price of $99.94 per $100.00 principal amount, resulting in an effective yield to maturity of 4.83% per annum. Net proceeds from the APCo Debentures will be used primarily to fund the remaining portion of the acquisition of a majority interest in a 400 MW portfolio of contracted wind farms in the United States. Full Article
Algonquin Power & Utilities Corp Announces New $30 Million Senior Unsecured Credit Facility
Algonquin Power & Utilities Corp announced it has entered into a new $30 million senior unsecured revolving credit facility (Facility) with the Bank of Nova Scotia. The credit facility will be used for general corporate purposes and has a maturity date of November 19, 2015. Full Article
Algonquin Power & Utilities Corp Declares Fourth Quarter 2012 Dividends
Algonquin Power & Utilities Corp announced that the Board of Directors of APUC have declared a dividend of $0.0775 on its common shares, payable on January 15, 2013 to the shareholders of record on December 31, 2012 for the period from October 1, 2012 to December 31, 2012; and an initial dividend of $0.1603 per Preferred Share, Series A, payable in cash on December 31, 2012 to Preferred Share, Series A holders of record on December 17, 2012, for the period from November 9, 2012 to, but excluding, December 31, 2012. Full Article
Algonquin Power & Utilities Corp Announces Closing Of $120 Million Preferred Share Offering
Algonquin Power & Utilities Corp announced that the closing of the previously announced offering of Cumulative Rate Reset Preferred Shares, Series A (the Series A Shares). Algonquin issued a total of 4,800,000 Series A Shares at $25 per share for aggregate gross proceeds of $120 million. For the initial period ending December 31, 2018, holders of Series A Shares are entitled to receive a cumulative quarterly fixed dividend of $1.1250 per share per annum (4.5% on the subscription price of $25 per share), as and when declared by the board of directors of the Corporation. Full Article
Spectra's Algonquin New England gas line sets May, June work
NEW YORK, May 9 - Spectra Energy's Algonquin Gas Transmission unit on Thursday said planned maintenance starting May 21 on its 24-inch mainline natural gas system in New England could cause some restrictions.
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