Business Wire·Nov 12, 2026, 6:30 AM ET

Algonquin Power & Utilities Corp. Announces Commencement of Consent Solicitations for Three Series of Subordinated Notes

AQN AQNB

Algonquin Power & Utilities Corp. (AQN) initiated consent solicitations for holders of its U.S. Notes (2019-A & 2022-B Series) and Canadian Notes (2022-A Series) to approve amendments deleting the "Automatic Conversion" feature from their indentures.
The proposed amendments ensure Notes remain as subordinated indebtedness rather than converting to preferred shares upon bankruptcy or insolvency events, a change made because rating agencies no longer assign equity credit to this feature.
AQN will pay consent payments of US$0.025 per US$25 principal for 2019-A Notes, US$1.00 per US$1,000 for 2022-B Notes, and C$1.00 per C$1,000 for 2022-A Notes to eligible holders who respond by the deadlines.
U.S. Solicitations expire at 5:00 p.m. New York City time on November 23, 2026, requiring a majority of outstanding principal to approve amendments for each series independently.
The Canadian Solicitation requires a 66⅔% extraordinary resolution for the 2022-A Notes, with a written consent deadline of 5:00 p.m. Toronto time on November 23, 2026, or a special meeting scheduled for December 11, 2026, if the written threshold is not met.
Only holders of record as of November 10, 2026, are eligible to deliver consents or vote, with non-consenting holders bound by the amendments but ineligible for the consent fees.
The interest rates, maturity dates, redemption provisions, and subordination levels of the Notes will remain unchanged by these proposed amendments.
AQN has retained RBC Capital Markets as the U.S. Solicitation Agent, RBC Dominion Securities as the Canadian Solicitation Agent, and D.F. King & Co. as the U.S. Information Agent.
The amendments will not become operative until the relevant consent payments are made following the expiration of the solicitation periods.