AQN · Algonquin Power & Utilities Cor

Algonquin Power & Utilities Corp. (AQN) announced that its subsidiary Liberty Utilities Co. priced $1.15 billion in senior unsecured notes, consisting of $650 million of 5.100% notes due 2031 and $500 million of 5.650% notes due 2036. The offering is a strategic refinancing move: Liberty Utilities will use net proceeds to repay an intercompany loan from AQN (expected balance ~$690 million) and make a loan to Liberty Utilities (America) Co., which will repay amounts to AQN. AQN will then use those funds, together with cash on hand, to fully refinance its outstanding $1.15 billion 5.365% notes due 2026, along with related fees and expenses. The notes are unsecured and unsubordinated obligations of Liberty Utilities, ranking equally with its existing and future unsecured debt and senior to subordinated debt. Importantly, AQN is not a guarantor or obligor. The offering is expected to close on May 15, 2026, after which Liberty Utilities will terminate its $1.15 billion delayed draw term loan. This transaction addresses near-term debt maturities and simplifies the capital structure, reducing refinancing risk. The notes are being sold in a private placement under Rule 144A and Regulation S, and have not been registered under the Securities Act.