Update, 2023-12-11: The information given in this post has been corrected by the company<\/a>. The rate is actually 6.576%<\/b><\/p>\n Algonquin Power & Utilities Corp. has announced<\/a>:<\/p>\n the applicable dividend rates for its Cumulative Rate Reset Preferred Shares, Series A (the “Series A Preferred Shares”) and Cumulative Floating Rate Preferred Shares, Series B (the “Series B Preferred Shares”).<\/p>\n With respect to any Series A Preferred Shares that remain outstanding after January 2, 2024, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the board of directors of the Company (the “Board”). The dividend rate for the 5-year period from and including December 31, 2023 to but excluding December 31, 2028 will be With respect to any Series B Preferred Shares that may be issued on January 2, 2024, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the Board. The dividend rate for the 3-month floating rate period from and including December 31, 2023 to but excluding March 31, 2024 will be 7.982%, being equal to the 3-month Government of Canada Treasury Bill yield determined as of today plus 2.94%, calculated on the basis of the actual number of days in such quarterly period divided by 365, in accordance with the terms of the Series B Preferred Shares.<\/p>\n Beneficial owners of Series A Preferred Shares who wish to exercise their conversion right should communicate with their broker or other nominee to ensure their instructions are followed so that the registered holder of the Series A Preferred Shares can meet the deadline to exercise such conversion right, which is 5:00 p.m. (EST) on December 18, 2023.<\/p><\/blockquote>\n AQN.PR.A was issued as a FixedReset, 4.50%+294, that commenced trading 2012-11-9<\/a> after being announced 2012-10-25<\/a>. The 2018-11-28 notice of extension<\/a> was reported on PrefBlog. The issue reset at 5.162% effective December 31, 2018<\/a>. I recommended against conversion<\/a> and there was no conversion<\/a>. Notice of extension was issued in 2023<\/a>. The issue is tracked by HIMIPref\u2122, but relegated to the Scraps – FixedReset Discount index on credit concerns.<\/p>\n6.469%<\/s> [see note above; rate is actually 6.576%]<\/b>, being equal to the 5-year Government of Canada bond yield determined as of today plus 2.94%, in accordance with the terms of the Series A Preferred Shares.<\/p>\n