DEDHAM, Mass., June 21, 2018 /CNW/ -- Atlantic Power Corporation
("Atlantic Power") and Atlantic Power Preferred Equity Ltd
("APPEL") announced today that the Toronto Stock Exchange ("TSX")
has accepted its proposition to amend its notice of intention to
make a normal course issuer bid ("NCIB") to repurchase some of its
outstanding preferred shares for a period of twelve months ending
for each of the following series of APPEL's preferred shares
(collectively, the "Public Securities"):
a) the
4.85% Cumulative Redeemable Preferred Shares, Series 1 (the "Series
1 Preferred Shares") (TSX: AZP.PR.A);
b) the
Cumulative Rate Reset Preferred Shares, Series 2 (the "Series 2
Preferred Shares") (TSX: AZP.PR.B); and
c) the
Cumulative Floating Rate Preferred Shares, Series 3 (the "Series 3
Preferred Shares") (TSX: AZP.PR.C).
The purpose of the amendment is to increase the number of the
Series 1 Preferred Shares that APPEL may purchase from 237,500 to
475,000, representing approximately 10% of the 4,750,000 preferred
shares public float as of December 15,
2017; increase the number of Series 2 Preferred Shares that
APPEL may purchase from 116,904 to 233,609, representing
approximately 10% of the 2,338,094 preferred shares public float as
of December 15, 2017; and increase
the number of Series 3 Preferred Shares that APPEL may purchase
from 83,905 to 164,790, representing approximately 10% of the
1,661,906 preferred shares public float as of December 15, 2017. Daily repurchases are
not affected by the amendment and each series will be limited to
1,000 preferred shares daily, other than block purchase
exemptions. The preferred shares will be repurchased for
cancellation.
APPEL believes that its Public Securities may trade in ranges
that may not fully reflect their value. As a result, APPEL
believes that the purchase of its Public Securities from time to
time can be undertaken at prices that make the acquisition of such
securities an appropriate use of its available funds. In
addition, purchases under the NCIBs may increase the liquidity of
the Public Securities. Under its current NCIB, which expires
December 28, 2018, APPEL has
purchased 237,500 of its Series 1 Preferred Shares at an average
price of Cdn$15.24 and 83,095 of its
Series 3 Preferred Shares at an average price of Cdn$17.80.
The NCIBs will expire on December 28,
2018 or such earlier date as APPEL completes its purchases
pursuant to the NCIBs. All purchases made under the NCIBs
will be made through the facilities of the TSX or other Canadian
designated exchanges and published marketplaces and in accordance
with the rules of the TSX at market prices prevailing at the time
of purchase. The actual amount of Public Securities that may
be purchased under the NCIBs is subject to, and cannot exceed, the
limits referred to above.
About Atlantic Power
Atlantic Power is an independent power producer that owns power
generation assets in nine states in the
United States and two provinces in Canada. The
generation projects sell electricity and steam to investment-grade
utilities and other creditworthy large customers predominantly
under long‑term Power Purchase Agreements (PPAs) that have
expiration dates ranging from 2019 to 2037. The Company seeks
to minimize its exposure to commodity prices through provisions in
the contracts, fuel supply agreements and hedging
arrangements. The projects are diversified by geography, fuel
type, technology, dispatch profile and offtaker (customer).
The majority of the projects in operation are 100% owned and
directly operated and maintained by the Company. The Company
has expertise in operating most fuel types, including gas, hydro,
and biomass, and it owns a 40% interest in one coal project. APPEL
is an indirect wholly-owned subsidiary of Atlantic Power.
Atlantic Power's common shares trade on the Toronto Stock
Exchange under the symbol ATP and on the New York Stock Exchange
under the symbol AT. 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 available 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.
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Cautionary Note Regarding Forward-Looking Statements
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, and under
Canadian securities law (collectively, "forward-looking
statements").
Certain statements in this news release may constitute
"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 following:
- APPEL believe that its Public Securities may trade in a range
that may not fully reflect their value;
- APPEL believes its purchase of its Public Securities from time
to time can be undertaken at prices that make the acquisition of
such securities an appropriate use of its available funds;
- APPEL believes that purchases under the NCIBs may increase the
liquidity of the Public Securities;
- APPEL may purchase up to 10% of the public float of its Public
Securities; and
- the NCIBs will expire on December 28,
2018 or such earlier date as APPEL completes its purchases
pursuant to the NCIBs.
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
Securities and Exchange Commission 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