On February 29, 2024, Algonquin Power & Utilities Corp. announced the remarketing of $1.15 billion (approximately C$1.44 billion) in senior notes due 2026, originally issued as part of an equity unit offering. The notes, which had an initial interest rate of 1.18%, were remarketed with a reset interest rate of 5.365% per annum, effective on the Settlement Date of March 28, 2024.

The remarketing was conducted by a syndicate of agents led by BofA Securities, CIBC World Markets Corp., and RBC Capital Markets. Legal counsel for the transaction included Blake, Cassels & Graydon LLP for Canadian matters and Gibson, Dunn & Crutcher LLP for U.S. matters, with Bennett Jones LLP and Cravath, Swaine & Moore LLP representing the remarketing agents.

The transaction resulted in net proceeds of $1.14 billion (approximately C$1.43 billion), with a remarketing fee of $2.875 million (approximately C$3.6 million). Algonquin did not directly receive any proceeds from this remarketing. The senior notes remained unsecured and unsubordinated, maturing on June 15, 2026. They were not listed on any securities exchange, potentially impacting their liquidity in the secondary market.