UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 8-K

 


 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 13, 2014

 


 

ATLANTIC POWER CORPORATION

(Exact name of registrant as specified in its charter)

 

British Columbia, Canada

 

001-34691

 

55-0886410

(State or other jurisdiction of

incorporation or organization)

 

(Commission File Number)

 

(IRS Employer Identification No.)

 

One Federal Street, Floor 30

Boston, MA

 

02110

(Address of principal executive offices)

 

(Zip Code)

 

(617) 977-2400

(Registrant’s telephone number, including area code)

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o                 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o                 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o                 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o                 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 7.01                                           Regulation FD Disclosure.

 

On November 13, 2014, Atlantic Power Limited Partnership (“APLP”), a wholly-owned indirect subsidiary of Atlantic Power Corporation (the “Company”), will provide to the lenders under its senior secured credit facilities the consolidated financial statements of APLP for the three and nine months ended September 30, 2014 and 2013 (the “APLP Financial Statements”), which are attached hereto as Exhibit 99.1 and incorporated by reference herein.  The APLP Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States and are expressed in U.S. dollars.  The information in this Item 7.01, including Exhibit 99.1, should be read in conjunction with the information contained in the Company’s filings under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in that filing. The Company does not undertake any obligation to update the information contained in this Item 7.01, including Exhibit 99.1.

 

Item 9.01.                                        Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit
Number

 

Description

99.1

 

Consolidated Financial Statements of APLP for the three and nine months ended September 30, 2014 and 2013.

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Atlantic Power Corporation

 

 

 

 

Dated: November 13, 2014

By:

/s/ Terrence Ronan

 

 

Name: Terrence Ronan

 

 

Title:   Chief Financial Officer

 

EXHIBIT INDEX

 

Exhibit
Number

 

Description

99.1

 

Consolidated Financial Statements of APLP for the three and nine months ended September 30, 2014 and 2013.

 

3




Exhibit 99.1

 

ATLANTIC POWER LIMITED PARTNERSHIP

AND SUBSIDIARIES

 

Consolidated Financial Statements

 

For the Three and Nine Months Ended September 30, 2014 and 2013

 



 

ATLANTIC POWER LIMITED PARTNERSHIP

AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 

 (in millions of U.S. dollars)

 

 

 

September 30,

 

December 31,

 

 

 

2014

 

2013

 

 

 

(unaudited)

 

 

 

Assets 

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

31.9

 

$

29.8

 

Accounts receivable

 

51.1

 

49.5

 

Current portion of derivative instruments asset

 

 

0.2

 

Inventory

 

17.3

 

13.1

 

Prepayments and other current assets

 

10.4

 

10.4

 

Refundable income taxes

 

3.0

 

4.1

 

Total current assets

 

113.7

 

107.1

 

 

 

 

 

 

 

Property, plant, and equipment, net

 

816.5

 

882.4

 

Equity investment in unconsolidated affiliate

 

137.3

 

153.8

 

Power purchase agreements and intangible assets, net

 

366.3

 

416.3

 

Goodwill

 

197.3

 

296.3

 

Derivative instruments asset

 

1.7

 

1.2

 

Deferred financing costs

 

37.7

 

 

Other assets

 

8.8

 

9.9

 

Total assets

 

$

1,679.3

 

$

1,867.0

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

45.8

 

$

34.4

 

Accrued interest

 

3.2

 

10.5

 

Other accrued liabilities

 

22.3

 

30.1

 

Current portion of long-term debt

 

5.7

 

190.2

 

Current portion of derivative instruments liability

 

22.0

 

18.7

 

Dividends payable

 

 

3.1

 

Other current liabilities

 

8.4

 

5.2

 

Total current liabilities

 

107.4

 

292.2

 

 

 

 

 

 

 

Long-term debt

 

735.3

 

423.1

 

Derivative instruments liability

 

35.7

 

61.9

 

Deferred income taxes

 

95.7

 

106.2

 

Power purchase and fuel supply agreement liabilities, net

 

34.9

 

38.7

 

Other long-term liabilities

 

54.5

 

59.2

 

Total liabilities

 

1,063.5

 

981.3

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

Partners’ capital

 

1,020.1

 

1,011.6

 

Preferred shares issued by a subsidiary company

 

221.3

 

221.3

 

Accumulated other comprehensive loss

 

(46.6

)

(22.2

)

Retained deficit

 

(579.0

)

(325.0

)

Total equity

 

615.8

 

885.7

 

Total liabilities and equity

 

$

1,679.3

 

$

1,867.0

 

 



 

ATLANTIC POWER LIMITED PARTNERSHIP

AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 (in millions of U.S. dollars)

 

(unaudited)

 

 

 

Three months ended 
September 30,

 

Nine months ended 
September 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

Project revenue:

 

 

 

 

 

 

 

 

 

Energy sales

 

$

48.0

 

$

50.4

 

$

162.8

 

$

160.2

 

Energy capacity revenue

 

39.3

 

39.7

 

101.8

 

107.0

 

Other

 

19.1

 

18.3

 

67.3

 

62.6

 

 

 

106.4

 

108.4

 

331.9

 

329.8

 

Project expenses:

 

 

 

 

 

 

 

 

 

Fuel

 

44.4

 

41.9

 

141.9

 

134.2

 

Operations and maintenance

 

22.1

 

27.3

 

66.8

 

86.0

 

Depreciation and amortization

 

27.8

 

28.7

 

83.4

 

86.7

 

 

 

94.3

 

97.9

 

292.1

 

306.9

 

Project other income (expense):

 

 

 

 

 

 

 

 

 

Change in fair value of derivative instruments

 

2.9

 

(3.6

)

20.4

 

12.0

 

Equity in earnings of unconsolidated affiliates

 

0.5

 

0.5

 

1.4

 

1.5

 

Interest expense, net

 

 

(2.7

)

(6.2

)

(8.4

)

Impairment

 

(91.9

)

(34.8

)

(106.7

)

(34.8

)

Other income, net

 

 

 

 

0.8

 

 

 

(88.5

)

(40.6

)

(91.1

)

(28.9

)

Project loss

 

(76.4

)

(30.1

)

(51.3

)

(6.0

)

 

 

 

 

 

 

 

 

 

 

Administrative and other expenses (income):

 

 

 

 

 

 

 

 

 

Administration

 

0.1

 

0.1

 

0.2

 

0.2

 

Interest, net

 

12.7

 

6.4

 

56.8

 

19.1

 

Foreign exchange (gain) loss

 

(8.2

)

4.1

 

(8.1

)

(3.8

)

Other income, net

 

 

 

(2.1

)

 

 

 

4.6

 

10.6

 

46.8

 

15.5

 

Loss from continuing operations before income taxes

 

(81.0

)

(40.7

)

(98.1

)

(21.5

)

Income tax expense (benefit)

 

4.7

 

5.9

 

(5.2

)

(0.8

)

Net loss from continuing operations

 

(85.7

)

(46.6

)

(92.9

)

(20.7

)

Net income (loss) from discontinued operations

 

 

0.4

 

(0.1

)

0.9

 

Net loss

 

(85.7

)

(46.2

)

(93.0

)

(19.8

)

Net income attributable to preferred shares dividends of a subsidiary company

 

2.9

 

3.2

 

8.8

 

9.5

 

Net loss attributable to Atlantic Power Limited Partnership

 

$

(88.6

)

$

(49.4

)

$

(101.8

)

$

(29.3

)

 



 

ATLANTIC POWER LIMITED PARTNERSHIP

AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 (in millions of U.S. dollars)

 

(unaudited)

 

 

 

Nine months ended 
September 30,

 

 

 

2014

 

2013

 

Cash flows from operating activities:

 

 

 

 

 

Net loss

 

$

(93.0

)

$

(19.8

)

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

83.4

 

86.7

 

Gain on sale of asset

 

(2.1

)

 

Impairment charges

 

106.7

 

34.8

 

Distributions from unconsolidated affiliate

 

18.0

 

 

Equity in earnings from unconsolidated affiliate

 

(1.4

)

(1.5

)

Unrealized foreign exchange gain

 

(8.1

)

2.6

 

Change in fair value of derivative instruments

 

(20.3

)

(12.0

)

Change in deferred income taxes

 

(8.9

)

(6.4

)

Change in other operating balances

 

 

 

 

 

Accounts receivable

 

(1.6

)

18.1

 

Inventory

 

(4.2

)

0.4

 

Prepayments, supplies and other assets

 

5.1

 

1.7

 

Accounts payable

 

12.0

 

(5.9

)

Accruals and other liabilities

 

(14.8

)

(11.6

)

Cash flows provided by operating activities

 

70.8

 

87.1

 

 

 

 

 

 

 

Cash flows used in investing activities:

 

 

 

 

 

Proceeds from sale of asset, net

 

0.9

 

 

Purchase of property, plant and equipment

 

(10.7

)

(3.7

)

Cash flows used in investing activities

 

(9.8

)

(3.7

)

 

 

 

 

 

 

Cash flows used in financing activities:

 

 

 

 

 

Proceeds from senior secured term loan facility

 

600.0

 

 

Repayment of corporate and project-level debt

 

(462.3

)

 

Contributions from parent

 

8.0

 

 

Distributions to parent

 

(152.1

)

(56.2

)

Deferred financing costs

 

(40.6

)

 

Dividends paid on preferred shares of a subsidiary company

 

(11.9

)

(9.5

)

Cash flows used in financing activities

 

(58.9

)

(65.7

)

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

2.1

 

17.7

 

Cash and cash equivalents at beginning of period

 

29.8

 

11.3

 

Cash and cash equivalents at end of period

 

$

31.9

 

$

29.0

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

Interest paid

 

$

58.5

 

$

30.5

 

Taxes paid

 

$

1.4

 

$

2.7

 

 


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