<SEC-DOCUMENT>0001140361-20-015666.txt : 20200709
<SEC-HEADER>0001140361-20-015666.hdr.sgml : 20200709
<ACCEPTANCE-DATETIME>20200708205640
ACCESSION NUMBER:		0001140361-20-015666
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20200709
DATE AS OF CHANGE:		20200708

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:	333-236975
		FILM NUMBER:		201019397

	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>
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<TEXT>
<html>
  <head>
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<body bgcolor="#ffffff" style="font-family: Arial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0);">
  <div>
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    <div>
      <div style="font-size: 14pt; font-weight: bold;"><a name="z_Hlk45164977"></a></div>
      <div style="font-size: 14pt; font-weight: bold;">
        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: right; font-weight: bold;">FREE
          WRITING PROSPECTUS</div>
        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: right; font-weight: bold;">Filed
          Pursuant to Rule 433</div>
        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: right; font-weight: bold;">Registration
          No. 333-236975</div>
        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: right; font-weight: bold;">July
          8, 2020<br>
        </div>
      </div>
      <div style="font-size: 14pt; font-weight: bold;"> <br>
      </div>
      <div style="font-size: 14pt; font-weight: bold;">Algonquin Power and Utilities Corp.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Treasury Offering of Common Shares</div>
      <div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" id="z0e8553d592134fd1950185d6f9f70235" style="font-family: Arial; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;">

              <tr>
                <td style="width: 50%; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0);">
                  <div>Term Sheet </div>
                </td>
                <td style="width: 50%; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0);">
                  <div style="text-align: right;">July 8, 2020</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 8pt; font-style: italic;">A final base shelf prospectus dated April 3, 2020 containing important information relating to the securities described in this document has been filed with the securities
        regulatory authorities in each of the provinces of Canada. A copy of the final base shelf prospectus, any amendment to the final base shelf prospectus, and any applicable shelf prospectus supplement that has been filed, is required to be delivered
        with this document.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-size: 8pt; font-style: italic;">This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and
        any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision. Investing in the Shares (as defined herein) involves risk. See &#8220;Risk
        Factors&#8221; in the final base shelf prospectus and in the prospectus supplement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-size: 8pt; font-style: italic;">Algonquin Power and Utilities Corp. has filed a registration statement (including a prospectus) with the United States Securities and Exchange Commission (the &#8220;SEC&#8221;) for the
        offering to which this communication relates. Before you invest, you should read the prospectus supplement relating to this offering, the prospectus in that registration statement and other documents the issuer has filed with the SEC for more
        complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z0d21468d63444f2181c47611360ced39">

          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Issuer:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">Algonquin Power and Utilities Corp. (the &#8220;Corporation&#8221;).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Issue:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">32,170,000 common shares (the &#8220;Shares&#8221;).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Issue Amount:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">C$550,107,000 (the &#8220;Offering&#8221;).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Issue Price:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">C$17.10 per Share.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Over-Allotment</div>
              <div style="font-weight: bold;">Option:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">The underwriters shall have the option, exercisable in whole or in part from time to time for a period of 30 days from the closing date of the Offering (&#8220;Closing&#8221;), to purchase up to an additional 15% of the
                number of Shares issued under the Offering, being 4,825,500 Shares, at the offering price and on the same terms and conditions as the offering to cover over-allotments, if any, and for market stabilization purposes.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Use of Proceeds:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">The Corporation intends to use the net proceeds of the Offering [and the Concurrent Offering (as defined below)] to partially finance the Corporation&#8217;s previously announced renewable development growth
                projects and for general corporate purposes.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Dividends:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">The first dividends which purchasers of the Shares in the Offering would be entitled to receive, if they continue to own the Shares, are the dividends expected to be payable on or about October 15, 2020 to
                holders of record on or about September 30, 2020 if declared by the board of directors of the Corporation in their discretion.</div>
              <div style="text-align: justify;"> <br>
              </div>
              <div style="text-align: justify;">The Corporation most recently declared a quarterly dividend of US$0.1551 per Share to holders of record on June 30, 2020 and payable on July 15, 2020. Purchasers will not be entitled to receive such dividend
                in respect of the Common Shares purchased in the Offering.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Issue Type and</div>
              <div style="font-weight: bold;">Jurisdictions:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">Bought deal by way of a prospectus supplement to the Corporation&#8217;s short form base shelf prospectus dated April 3, 2020 (the &#8220;Base Shelf Prospectus&#8221;) to be filed in all provinces of Canada and in the United
                States pursuant to the multi-jurisdictional disclosure system.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="c7c75bb6ba6142059f677edd34e98ff2" style="font-family: Arial; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;">

          <tr>
            <td style="width: 50%; font-weight: bold;"><img src="image00002.jpg"></td>
            <td style="width: 50%; font-weight: bold; text-align: right;"><img src="image00003.jpg"></td>
          </tr>

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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>
        <div style="font-size: 14pt; font-weight: bold;">Algonquin Power and Utilities Corp.</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">Treasury Offering of Common Shares</div>
        <div>
          <div><br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;">

                <tr>
                  <td style="width: 50%; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0);">
                    <div>Term Sheet </div>
                  </td>
                  <td style="width: 50%; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0);">
                    <div style="text-align: right;">July 8, 2020</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="za057bd5394604f2fb7482f1085104f39">

          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Conditions:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">Subject to standard bought deal terms and conditions for transactions of this type.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Concurrent</div>
              <div style="font-weight: bold;">Offering:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">Concurrently with the announcement of the Offering, the Corporation has entered into an agreement with an institutional investor providing for the issue and sale by the Corporation to the institutional
                investor of 20,470,000 Shares at a price of $17.10 per Share, for total gross proceeds of C$350 million (the &#8220;Concurrent Offering&#8221;). The purchasers in the Concurrent Offering will receive a commitment fee from the Corporation equal to
                approximately 2% of the gross proceeds of the Concurrent Offering. The Concurrent Offering will be completed pursuant to a separate prospectus supplement to the Base Shelf Prospectus and, while subject to certain terms and conditions, is
                not conditional upon the completion of the Offering. Completion of the Offering is not conditional on the completion of the Concurrent Offering.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Listing:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">The Shares are listed on the TSX and the NYSE under the symbol &#8220;AQN&#8221;.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Eligibility:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">Subject to customary qualifications, the Shares will be qualified investments for RRSPs, RRIFs, RESPs, RDSPs, deferred profit sharing plans and TFSAs.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Bookrunners:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">Scotia Capital Inc. and CIBC Capital Markets</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Commission:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">4.00%, payable upon Closing.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 82%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 18%; vertical-align: top;">
              <div style="font-weight: bold;">Closing:</div>
            </td>
            <td style="width: 82%; vertical-align: top;">
              <div style="text-align: justify;">On or about July 17, 2020.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <br>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;">

          <tr>
            <td style="width: 50%; font-weight: bold;"><img src="image00002.jpg"></td>
            <td style="width: 50%; font-weight: bold; text-align: right;"><img src="image00003.jpg"></td>
          </tr>

      </table>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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