DEDHAM, Mass., July 25, 2016 /PRNewswire/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") announced today the final results of its previously
announced substantial issuer bid (the "Offer") to purchase for
cancellation up to US$65,000,000
aggregate principal amount of the Company's issued and outstanding
5.75% Series C Convertible Unsecured Subordinated Debentures
maturing June 30, 2019 (the
"Debentures"), which expired at 5:00
pm (Toronto time) on
July 22, 2016.
An aggregate of US$62,713,000
principal amount of the Debentures was deposited under the
Offer. The Company has taken up and accepted for purchase and
cancellation all such deposited Debentures at a purchase price of
US$965 in cash per US$1,000 principal amount of Debentures, plus a
cash payment in respect of all accrued and unpaid interest.
Payment to the depositary for such Debentures taken up and
purchased by the Company under the Offer will be made promptly and
in accordance with the terms of the Offer.
After giving effect to the purchase and cancellation of the
Debentures deposited under the Offer, approximately US$42.6 million principal amount of the Series C
Debentures will remain outstanding.
RBC Capital Markets is acting as dealer manager and financial
advisor to the Company in connection with the Offer.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power
generation assets in the United
States and Canada. The Company'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.
Atlantic Power's power generation projects in operation have an
aggregate gross electric generation capacity of approximately 2,138
megawatts ("MW") in which its aggregate ownership interest is
approximately 1,500 MW. The Company's current portfolio
consists of interests in twenty-three operational power generation
projects across nine states in the United
States and two provinces in Canada.
Atlantic Power's common shares trade 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
Investor Relations
(617) 977-2700
info@atlanticpower.com
Copies of the Company's 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
the Company's website.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release may constitute
forward-looking information or forward-looking statements within
the meaning of applicable securities laws (collectively,
"forward-looking statements"), which reflect the expectations of
management regarding the future growth, results of operations,
performance and business prospects and opportunities of the Company
and its projects. These statements, which are based on
certain assumptions and describe the Company's future plans,
strategies and expectations, can generally be identified by the use
of the words "may," "will," "project," "continue," "believe,"
"intend," "anticipate," "expect" or similar expressions that are
predictions of or indicate future events or trends and which do not
relate solely to present or historical matters. Examples of
such statements in this press release include, but are not limited
to, statements with respect to the timing of the take up and
payment for the Debentures deposited under the Offer.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at or by which such
performance or results will be achieved. Please refer to the
factors discussed under "Risk Factors" and "Forward-Looking
Information" in the Company's periodic reports as filed with the
U.S. Securities and Exchange Commission (the "SEC") from time to
time for a detailed discussion of the risks and uncertainties
affecting the Company. Although the forward-looking
statements contained in this news release are based upon what are
believed to be reasonable assumptions, investors cannot be assured
that actual results will be consistent with these forward-looking
statements, and the differences may be material. These
forward-looking statements are made as of the date of this news
release and, except as expressly required by applicable law, the
Company assumes no obligation to update or revise them to reflect
new events or circumstances.
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SOURCE Atlantic Power Corporation