JWCA advises Algonquin Power & Utilities on its upsized inaugural $1,150,000,000 green equity units

June 2021 | read press release

Transaction Background

Algonquin Power & Utilities Corp (“Algonquin” or the “Company”) successfully raised $1.15 billion in the equity linked market at attractive terms

Algonquin plans to use the proceeds to finance/refinance investments in renewable energy generation projects or other clean energy technologies

Algonquin engaged J. Wood Capital Advisors to assist in the structuring, negotiation, documentation and execution of the transaction

JWCA provided extensive analysis on deal structuring and related items, including:

  • Mandatory convertible structuring

  • Syndicate structure and precedent data

  • Pricing term sheet documentation

  • Market updates and analysis

  • JWCA provided advice, support and analysis throughout the execution process

Results

Algonquin executed a successful 11% upsized equity unit issuance:

  • The transaction was oversubscribed, reflecting strong outright investor interest and demand in the Company’s debut offering

  • The 20.0% conversion premium represented the midpoint of the marketed premium range

  • Algonquin’s stock price traded down 6.7% on a day where comparables traded down 8.4%

JWCA supported the management team on the entire day of the offering providing execution advice and ensuring a high-quality execution