Algonquin Power & Utilities seeks to remove automatic equity conversion from subordinated debt
AQN•Algonquin Power & Utilities launched consent solicitations to amend three subordinated note series totaling $1.1 billion and C$400 million, removing automatic conversion into preferred shares after certain bankruptcy or insolvency events. The solicitations close November 23, 2026, unless extended.
1. Proposed debt amendments
Algonquin Power & Utilities launched consent solicitations to amend three subordinated note series totaling $1.1 billion and C$400 million. The proposed changes would remove automatic conversion into preferred shares upon certain bankruptcy or insolvency events, leaving holders with subordinated debt.
2. Terms remain unchanged
Interest rates, payment dates, maturities, redemption terms, interest deferral provisions and subordination provisions would remain unchanged. The U.S. solicitations and Canadian written consent period are scheduled to close November 23, 2026, unless extended.
