An anonymous director reports

ALGONQUIN POWER & UTILITIES CORP. ANNOUNCES PRICING OF $500 MILLION OF SENIOR UNSECURED NOTES DUE 2029 AND $350 MILLION OF SENIOR UNSECURED NOTES DUE 2034

On Jan. 9, 2024, Liberty Utilities Co., Algonquin Power & Utilities Corp.'s U.S. regulated distribution utility holding company, priced an offering of $500-million aggregate principal amount of 5.577 per cent senior notes due Jan. 31, 2029, and $350-million aggregate principal amount of 5.869 per cent senior notes due Jan. 31, 2034.

Liberty Utilities intends to use the net proceeds from the sale of the notes to repay indebtedness and/or for other general corporate purposes. Liberty Utilities may invest funds which it does not immediately require in short-term investment instruments.

The notes are unsecured and unsubordinated obligations of Liberty Utilities and will rank equally with all of Liberty Utilities' existing and future unsecured and unsubordinated indebtedness and senior in right of payment to any existing and future Liberty Utilities subordinated indebtedness. Algonquin is not a guarantor or obligor of the notes. The 2029 notes were priced at an issue price of 99.996 per cent of their face value and will mature on Jan. 31, 2029. The 2034 notes were priced at an issue price of 99.995 per cent of their face value and will mature on Jan. 31, 2034. The offering is expected to close on Jan. 12, 2024, subject to the satisfaction of customary closing conditions.

The notes were offered and will be sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.

About Algonquin Power & Utilities Corp. and Liberty Utilities

Algonquin Power & Utilities, parent company of Liberty Utilities, is a diversified international generation, transmission and distribution utility with approximately $18-billion of total assets. Algonquin is committed to providing safe, secure, reliable, cost-effective and sustainable energy and water solutions through its portfolio of generation, transmission and distribution utility investments to over one million customer connections, largely in the United States and Canada. In addition, Algonquin owns, operates and/or has net interests in over four gigawatts of installed renewable energy capacity.

We seek Safe Harbor.