Liberty Utilities prices USD 600m offering of green notes
Wind farm in New Jersey, US. Author: nosha. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
Liberty Utilities Co, part of Algonquin Power & Utilities Corp (TSE:AQN), or APUC, will offer USD 600 million (EUR 508.5m) worth of senior notes in order to secure funds for wind projects.
Liberty Utilities’ financing affiliate, namely Liberty Utilities Finance GP1, has priced the company’s inaugural offering into the US 144A market, it was announced on Wednesday. The transaction relates to 2.050% senior notes due on September 15, 2030, with an issue price of 99.740% of their face value.
Liberty Utilities, which runs a diversified portfolio of primarily regulated utility systems throughout the US, will use the proceeds from the offering to finance or refinance some wind projects and other eligible green investments, it said.
The announcement says that APUC is not a guarantor or obligor of the notes. The offering is expected to close on September 23, 2020.