{"id":49876,"date":"2018-12-22T10:56:00","date_gmt":"2018-12-22T15:56:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49876"},"modified":"2025-08-28T10:57:25","modified_gmt":"2025-08-28T14:57:25","slug":"aqn-pr-a-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49876","title":{"rendered":"AQN.PR.A : No Conversion to FloatingReset"},"content":{"rendered":"

Algonquin Power & Utilities Corp. has announced<\/a>:<\/p>\n

\n

that none of its outstanding 4,800,000 Cumulative 5-Year Rate Reset Preferred Shares, Series A (the “Series A Preferred Shares”) will be converted on December 31, 2018 into Cumulative Floating Rate Preferred Shares, Series B (the “Series B Preferred Shares”) of the Company. During the conversion notice period which ran from December 3, 2018 to December 17, 2018, less than 1,000,000 Series A Preferred Shares were tendered for conversion into Series B Preferred Shares. As per the terms and conditions of the Series A Preferred Shares described in the short form prospectus dated November 2, 2012 relating to the issuance of Series A Preferred Shares, since there would remain outstanding on December 31, 2018, after having taken into account all Series A Preferred Shares tendered for conversion into Series B Preferred Shares, less than 1,000,000 Series B Preferred Shares, holders of Series A Preferred Shares who tendered their Series A Preferred Shares for conversion will not be entitled to convert their Series A Preferred Shares into Series B Preferred Shares. As a result, Series B Preferred Shares will not be issued at this time.<\/p>\n

All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.<\/p>\n<\/blockquote>\n

It will be recalled that AQN.PR.A will reset at 5.162% effective December 31, 2018<\/a>.<\/p>\n

AQN.PR.A is 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 is tracked by HIMIPref™, but relegated to the Scraps – FixedReset Discount index on credit concerns.<\/p>\n

I recommended against conversion<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Algonquin Power & Utilities Corp. has announced: that none of its outstanding 4,800,000 Cumulative 5-Year Rate Reset Preferred Shares, Series A (the “Series A Preferred Shares”) will be converted on December 31, 2018 into Cumulative …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-49876","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49876"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49876\/revisions"}],"predecessor-version":[{"id":49877,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49876\/revisions\/49877"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}