<SEC-DOCUMENT>0001140361-19-009289.txt : 20190517
<SEC-HEADER>0001140361-19-009289.hdr.sgml : 20190517
<ACCEPTANCE-DATETIME>20190516180430
ACCESSION NUMBER:		0001140361-19-009289
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190517
DATE AS OF CHANGE:		20190516

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALGONQUIN POWER & UTILITIES CORP.
		CENTRAL INDEX KEY:			0001174169
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-227245
		FILM NUMBER:		19833594

	BUSINESS ADDRESS:	
		STREET 1:		354 DAVIS ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6J2X1
		BUSINESS PHONE:		0000000000

	MAIL ADDRESS:	
		STREET 1:		354 DAVIS ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6J2X1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALGONQUIN POWER INCOME FUND
		DATE OF NAME CHANGE:	20020523

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALGONQUIN POWER & UTILITIES CORP.
		CENTRAL INDEX KEY:			0001174169
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		354 DAVIS ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6J2X1
		BUSINESS PHONE:		0000000000

	MAIL ADDRESS:	
		STREET 1:		354 DAVIS ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6J2X1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALGONQUIN POWER INCOME FUND
		DATE OF NAME CHANGE:	20020523
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>nc10002012x1_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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  <div>
    <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FREE WRITING PROSPECTUS</div>
    <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Filed Pursuant to Rule 433</font></div>
    <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Registration No. 333-227245</font></div>
    <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">May 16, 2019</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the registration statement,
        any amendment and any applicable prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">ALGONQUIN POWER &amp; UTILITIES CORP.</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">US$350,000,000 6.20% Fixed-to-Floating Rate Subordinated Notes &#8211; Series 2019-A due July 1, 2079</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Preferred Shares Issuable Upon Automatic Conversion</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z126d6c3c6f54427f9ac45d606aa9cc6f" cellpadding="0" cellspacing="0">

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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Issuer:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Algonquin Power &amp; Utilities Corp. (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Algonquin</font>&#8221; or the
                &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Company</font>&#8221;)</font></div>
          </td>
        </tr>
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          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Security Type:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fixed-to-Floating Rate Subordinated Notes &#8211; Series 2019-A due July 1, 2079 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';
                  font-weight: bold;">Notes</font>&#8221;).</font></div>
          </td>
        </tr>
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          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Expected Ratings (S&amp;P/Fitch)*:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">BB+ / BB+</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pricing Date:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">May 16, 2019</font></div>
          </td>
        </tr>
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          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Settlement Date**:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">May 23, 2019 (T+5)</font></div>
          </td>
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          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Maturity Date:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">July 1, 2079</font></div>
          </td>
        </tr>
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          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Principal Amount of Notes:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">US$350,000,000</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Over-Allotment Option:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">None</font></div>
          </td>
        </tr>
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          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Denominations:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">US$25 and integral multiples of US$25 in excess thereof</font></div>
          </td>
        </tr>
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          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Price to Public:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">100% (US$25.00 per Note)</font></div>
          </td>
        </tr>
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          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Sales to Insiders:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Ian Robertson, the Chief Executive Officer and a member of the Board of Directors of the Company (the &#8220;<font style="font-size: 10pt; font-family:
                  'Times New Roman'; font-weight: bold;">Board</font>&#8221;), and Christopher K. Jarratt, Vice Chair and a member of the Board, have each agreed to purchase US$500,000 of Notes in this offering.</font></div>
          </td>
        </tr>

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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Use of Proceeds:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Algonquin intends to use the net proceeds of the offering to repay existing indebtedness under the Company&#8217;s term credit facility and the Liberty
                Utilities Group revolving credit facility, to partially finance the Company&#8217;s previously-announced acquisition of Enbridge Gas New Brunswick Limited Partnership, and for general corporate purposes.</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Interest Rate and Interest Payment Dates:</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z72215c9063584a1b9650d1fb140d9fa6" cellpadding="0" cellspacing="0">

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          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 34.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fixed Rate Period:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">From the issue date of the Notes to, but excluding, July 1, 2024 at a fixed rate equal to 6.20% per year, payable quarterly in arrears on January
                1, April 1, July 1, and October 1 of each year, with the first payment at such rate being on July 1, 2019.</font></div>
          </td>
        </tr>
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          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 34.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 34.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Floating Rate Period:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">From July 1, 2024, and on every January 1, April 1, July 1, and October 1 of each year thereafter until the maturity date (each such date, an
                &#8220;Interest Reset Date&#8221;), the interest rate on the Notes will be reset as follows:</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 34.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">starting on July 1, 2024, on every Interest Reset Date until
                July 1, 2029, the interest rate on the Notes will be reset on each Interest Reset Date at an interest rate per annum equal to the three month LIBOR plus 4.01%, payable in arrears, with the first payment at such rate being on October 1,
                2024,</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
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          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">starting on July 1, 2029, on every Interest Reset Date until
                July 1, 2049, the interest rate on the Notes will be reset on each Interest Reset Date at an interest rate per annum equal to the three month LIBOR plus 4.26%, payable in arrears, with the first payment at such rate being on October 1,
                2029,</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">starting on July 1, 2049, on every Interest Reset Date until
                the maturity date, the interest rate on the Notes will be reset on each Interest Reset Date at an interest rate per annum equal to the three month LIBOR plus 5.01%, payable in arrears, with the first payment at such rate being on October 1,
                2049.</font></div>
          </td>
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        <tr>
          <td colspan="2" style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
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          <td colspan="2" style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Optional Deferral:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">So long as no event of default has occurred and is continuing, the Company may elect, at its sole option, at any date other than an Interest
                Payment Date, to defer the interest payable on the Notes on one or more occasions for up to five consecutive years.</font></div>
          </td>
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        <tr>
          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Day Count Convention:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Fixed Rate Period</font>:&#160; 360-day year consisting of twelve
                30-day months.</font></div>
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          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Floating Rate Period</font>:&#160; Actual number of days elapsed
                during each interest period and a 360-day year.</font></div>
          </td>
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          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Business Day:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Any day other than a day on which banks are permitted or required to be closed in New York City, New York or Toronto, Ontario.</font></div>
          </td>
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          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Redemption Right:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On or after July 1, 2024, the Company may, at its option, redeem the Notes, in whole at any time or in part from time to time, on any Interest
                Payment Date at a redemption price per US$25 principal amount of the Notes equal to 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.28%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Redemption on Tax Event or Rating Event:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">After the occurrence of a Tax Event, the Company may, at its option, redeem all (but not less than all) of the Notes at a redemption price per
                US$25 principal amount of the Notes equal to 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.</font></div>
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        <tr>
          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 42.28%; vertical-align: top;">&#160;</td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Prior to the initial Interest Reset Date and within 90 days following the occurrence of a Rating Event, the Company may, at its option, redeem all
                (but not less than all) of the Notes at a redemption price per US$25 principal amount of the Notes equal to 102% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Automatic Conversion:</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Notes, including accrued and unpaid interest thereon, will be converted automatically (&#8220;<font style="font-size: 10pt; font-family: 'Times New
                  Roman'; font-weight: bold;">Automatic Conversion</font>&#8221;), without the consent of the holders of the Notes, into shares of a newly issued series of preferred shares of the Company (the &#8220;<font style="font-size: 10pt; font-family: 'Times
                  New Roman'; font-weight: bold;">Conversion Preferred Shares</font>&#8221;) upon the occurrence of: (i) the making by the Company of a general assignment for the benefit of its creditors or a proposal (or the filing of a notice of its intention
                to do so) under the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Bankruptcy and Insolvency Act</font> (Canada), (ii) any proceeding instituted by the Company seeking to adjudicate it as bankrupt
                (including any voluntary assignment in bankruptcy) or insolvent or, where the Company is insolvent, seeking liquidation, winding up, dissolution, reorganization, arrangement, adjustment, protection, relief or composition of its debts under
                any law relating to bankruptcy or insolvency in Canada, or seeking the entry of an order for the appointment of a receiver, interim receiver, trustee or other similar official for the Company or any substantial part of its property and
                assets in circumstances where the Company is adjudged as bankrupt (including any voluntary assignment in bankruptcy) or insolvent, (iii) a receiver, interim receiver, trustee or other similar official is appointed over the Company or for
                any substantial part of its property and assets by a court of competent jurisdiction in circumstances where the Company is adjudged as bankrupt (including any voluntary assignment in bankruptcy) or insolvent under any law relating to
                bankruptcy or insolvency in Canada; or (iv) any proceeding is instituted against the Company seeking to adjudicate it as bankrupt (including any voluntary assignment in bankruptcy) or insolvent or, where the Company is insolvent, seeking
                liquidation, winding up, dissolution, reorganization, arrangement, adjustment, protection, relief or composition of its debts under any law relating to bankruptcy or insolvency in Canada, or seeking the entry of an order for the appointment
                of a receiver, interim receiver, trustee or other similar official for the Company or any substantial part of its property and assets in circumstances where the Company is adjudged as bankrupt or insolvent under any law relating to
                bankruptcy or insolvency in Canada, and either such proceeding has not been stayed or dismissed within sixty (60) days of the institution of any such proceeding or the actions sought in such proceedings occur (including the entry of an
                order for relief against the Company or the appointment of a receiver, interim receiver, trustee, or other similar official for it or for any substantial part of its property and assets) (each, an &#8220;<font style="font-size: 10pt; font-family:
                  'Times New Roman'; font-weight: bold;">Automatic Conversion Event</font>&#8221;).</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Automatic Conversion shall occur upon an Automatic Conversion Event (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';
                  font-weight: bold;">Conversion Time</font>&#8221;). At the Conversion Time, the Notes shall be automatically converted, without the consent of the holders of the Notes, into a newly issued series of fully-paid Conversion Preferred Shares. At
                such time, all outstanding Notes shall be deemed to be immediately and automatically surrendered and cancelled without need for further action by the noteholders, who shall thereupon automatically cease to be holders thereof and all rights
                of any such holder as a debtholder of the Company shall automatically cease. At the Conversion Time, holders of the Notes will receive one Conversion Preferred Share for each US$25 principal amount of Notes previously held together with the
                number of Conversion Preferred Shares (including fractional shares, if applicable) calculated by dividing the amount of accrued and unpaid interest, if any, on the Notes by US$25.</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">CUSIP / ISIN:</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman';">CUSIP: 015857 808</font> <br>
            </div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">ISIN: US0158578080</font></div>
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          <td style="width: 57.72%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Joint Book-Running Managers:</font></div>
          </td>
          <td style="width: 57.72%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Capitalized terms used and not defined herein have the meanings assigned in the Company&#8217;s Preliminary Prospectus Supplement, dated May 16, 2019.</font></div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: Symbol, serif;">*</font></sup>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Note: A
          security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</font></font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">** We expect that delivery of the Notes will be made against payment therefor on or about the settlement date specified in this communication, which will
        be the fifth business day (or fourth business day in Canada) following the date of pricing of the Notes (this settlement cycle being referred to as &#8220;T+5&#8221;). Under Rule 15c6-1 of the U.S. Securities Exchange Act of 1934, as amended, trades in the
        secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes on the date of pricing or the next two business days will be
        required, by virtue of the fact that the Notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to make such trades should consult
        their own advisor.</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company has not and does not intend to qualify the distribution of the Notes in Canada pursuant to a prospectus. Sales into Canada or to residents of
        Canada, if any, will be made on a private placement basis only in the provinces of British Columbia, Alberta, Saskatchewan, Ontario, Qu&#233;bec and Nova Scotia and only to investors that are &#8220;accredited investors&#8221; as defined in National Instrument
        45-106 - Prospectus Exemptions and &#8220;permitted clients&#8221; as defined in National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations.</font></div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">The Company has filed a registration statement (including a short form base shelf prospectus) and a preliminary prospectus supplement
        with the SEC for the offering to which this communication relates. Before you invest, you should read the short form base shelf prospectus in that registration statement, the preliminary prospectus supplement and other documents the Company has
        filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at <font style="font-size: 10pt; font-family: 'Times New Roman';">www.sec.gov</font>.</font></div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you
        request it by calling BofA Securities, Inc. toll-free at 1-800-294-1322; J.P. Morgan Securities LLC at 1-212-834-4533; RBC Capital Markets, LLC toll-free at 1-866-375-6829; or Wells Fargo Securities, LLC at 1-800-645-3751.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Not for retail investors in the EEA. No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.</font></div>
    <div><br>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or
        notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.</font></div>
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