Algonquin Power & Utilities (AQN) said Tuesday its Liberty Utilities unit priced a sale of $1.15 billion in senior unsecured notes consisting of $650 million in 5.1% notes due 2031 and $500 million in 5.65% notes due 2036.
The company will use the capital to repay intercompany loans, enabling the parent firm to refinance $1.15 billion of debt due in 2026, it said.
Liberty plans to terminate a $1.15 billion term loan facility after the transaction closes Friday, it added.