BOSTON, Nov. 14, 2014 /CNW/ -- Atlantic Power Corporation
("Atlantic Power") and Atlantic Power Preferred Equity Ltd.
("Preferred Equity") announced today that, in accordance
with Preferred Equity's Articles of Incorporation, as amended, the
dividend rate on Preferred Equity's outstanding Cumulative Rate
Reset Preferred Shares, Series 2 (the "Series 2 Shares")
will reset on December 31, 2014.
Such reset dividend rate (the "Reset Dividend Rate") will
commence with the March 31, 2015
dividend payment to the holders of the Series 2 Shares and continue
through the December 31, 2019
dividend payment to the holders of the Series 2 Shares, at which
time such Reset Dividend Rate will again reset. The Reset
Dividend Rate will be calculated on December
1, 2014, and the Reset Dividend Rate will equal the sum of
the Canadian Government 5-year bond yield as of that date plus
4.18%.
On December 31, 2014 and again on
December 31 of every fifth year
thereafter, the holders of Series 2 Shares have the right to
convert their Series 2 Shares, on a one-for-one basis, into
Cumulative Floating Rate Preferred Shares (the "Series 3
Shares").
The Series 3 Shares dividend rate will be calculated on
December 1, 2014 and will equal the
sum of the Canadian Government 90-day Treasury Bill yield (using
the three-month average results) plus 4.18%. The Series 3
Shares dividend rate is reset each quarter.
Holders of Series 2 Shares who wish to convert such securities
to Series 3 Shares should contact the financial institution, broker
or other intermediary through which they hold the Series 2 Shares
to exercise this conversion privilege. Notice of the exercise
of the conversion privilege must be received by Preferred Equity
not earlier than December 1, 2014 and
not later than 5:00 p.m.
(Toronto time) on December 16, 2014.
If after giving effect to all Election Notices, there would
remain outstanding less than 1 million Series 2 Shares, then all
remaining outstanding Series 2 Shares will automatically convert
into Series 3 Shares, on a one-for-one basis on December 31, 2014. Holders of the Series 2
Shares will not be permitted to convert their Series 2 Shares into
Series 3 Shares if, after giving effect to all Election Notices,
there would be outstanding less than 1 million Series 3 Shares.
Inquiries should be directed to Preferred Equity's registrar and
transfer agent, Computershare Trust Company of Canada, at (800) 564-6253.
About Atlantic Power Preferred Equity Ltd.
Preferred Equity is a corporation incorporated under the laws of
the Province of Alberta and is an
indirect, wholly-owned subsidiary of Atlantic Power. Preferred
Equity directly holds Atlantic Power's business and power
generation and other assets in British
Columbia, operates as a holding company and indirectly holds
certain of Atlantic Power's business and power generation and other
assets in the United States,
including Atlantic Power's Curtis
Palmer, Manchief, Frederickson, Naval Station, North Island,
Naval Training Center, Oxnard, Greeley, Kenilworth, and Morris power generating
facilities.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power
generation assets in the United
States and Canada. Atlantic Power's power generation
projects sell electricity to utilities and other large commercial
customers largely under long-term power purchase agreements, which
seek to minimize exposure to changes in commodity prices. Its
power generation projects in operation have an aggregate gross
electric generation capacity of approximately 2,945 MW in which its
aggregate ownership interest is approximately 2,024 MW. Its current
portfolio consists of interests in twenty-eight operational power
generation projects across eleven states in the United States and two provinces in
Canada.
Atlantic Power trades on the New York Stock Exchange under the
symbol AT and on the Toronto Stock Exchange under the symbol
ATP. For more information, please visit the Company's website
at www.atlanticpower.com or contact:
Atlantic Power Corporation
Amanda Wagemaker, Investor
Relations
(617) 977-2700
info@atlanticpower.com
Copies of financial data and other publicly filed documents are
filed on SEDAR at www.sedar.com or on EDGAR at
www.sec.gov/edgar.shtml under "Atlantic Power Corporation" or on
Atlantic Power's website.
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SOURCE Atlantic Power Corporation; Atlantic Power Preferred
Equity Ltd.