Atlantic Power Corporation Announces Filings for Proposed Convertible Debenture and Common Share Offerings
August 13 2010 - 8:26PM
Marketwired
Atlantic Power Corporation (TSX: ATP)(TSX: ATP.DB)(TSX:
ATP.DB.A)(NYSE: AT) (the "Company") announced today that it has
filed a preliminary prospectus in Canada and a registration
statement on Form S-1 with the U.S. Securities and Exchange
Commission (the "SEC") with respect to an offering of convertible
unsecured subordinated debentures (the "Debentures") in Canada. The
size and pricing of the Debenture offering and the final terms of
the Debentures will be determined following clearance of the
Canadian preliminary prospectus and U.S. registration statement by
the applicable securities regulatory authorities. BMO Capital
Markets is acting as sole bookrunner with respect to the offering
of Debentures.
The Company also announced today that it has filed a
registration statement on Form S-1 with the SEC with respect to a
concurrent public offering of common shares (the "Common Shares").
The size and pricing of the Common Share offering will also be
determined following clearance by the applicable securities
regulatory authorities. UBS Investment Bank is acting as sole
book-running manager for the offering of Common Shares.
Proceeds from these offerings will be used by the Company for
(i) repayment of approximately US$20 million borrowed under its
revolving credit facility in June 2010 to partially fund our
previously-announced acquisition of a 27.6% equity interest in
Idaho Wind Partners 1, LLC, and (ii) to fund a likely investment of
up to US$75 million in the Piedmont Green Power biomass project in
Barnesville, Georgia for substantially all of the equity interest
in the project, which is currently in advanced discussions. Any
remaining net proceeds will be used to fund additional growth
opportunities and for general corporate purposes.
When available, copies of the prospectus related to the proposed
offering of Debentures may be obtained from Investor Relations at
BMO Capital Markets, Distribution Department, 1 First Canadian
Place, B2 Level, Toronto, Ontario, M5X 1H3 (telephone: 416-363-6996
x224). When available, copies of the prospectus related to the
proposed offering of Common Shares may be obtained from UBS
Investment Bank, Attention: Prospectus Department, 299 Park Avenue,
New York, NY 10171 or by telephone toll free at 888-827-7275.
No Canadian preliminary prospectus has yet become final for the
purpose of a distribution of securities to the public. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale or any acceptance of
an offer to buy these securities in any province or territory of
Canada prior to the time a receipt for the final prospectus or
other authorization is obtained from the securities commission or
similar authority in such province or territory of Canada and from
the SEC.
The registration statements relating to these securities have
been filed with the SEC but have not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior
to the time the registration statements become effective.
About Atlantic Power
Atlantic Power Corporation is an independent power producer,
with power projects located in major markets in the United States.
Our current portfolio consists of interests in 12 operational power
generation projects across eight states, one wind project under
construction in Idaho, a 500 kilovolt 84-mile electric transmission
line located in California, and six development projects in five
states. Our power generation projects in operation have an
aggregate gross electric generation capacity of approximately 1,823
megawatts (or "MW"), in which our ownership interest is
approximately 808 MW. For more information, please visit the
Company's website at www.atlanticpower.com.
Forward-Looking Statements
Certain statements in this news release may constitute
"forward-looking statements", which reflect the expectations of the
Company regarding its Debenture and Common Share offerings. These
statements, which are based on certain assumptions and describe our
future plans, strategies and expectations, can generally be
identified by the use of the words "may," "will", "anticipate,"
"expect", "intend", "estimate", "anticipate", "plans" or
"continue", or similar expressions that are predictions of or
indicate future events or trends and which do not relate solely to
present or historical matters. Specific forward looking statements
contained in this press release include the statements with respect
to the determination of final pricing terms and the terms of the
offerings and the use of proceeds therefrom. These statements are
subject to a number of risks and uncertainties and may depend on
the Company's ability to complete the offerings on economically
acceptable terms. There can be no assurance that the offerings will
be completed or that the proceeds therefore will be used as
expected.
Forward-looking statements reflect current expectations
regarding future events and operating performance and speak only as
of the date of this news release. 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" in the
Company's Annual Information Form dated March 29, 2010 and the
Company's registration statement on Form 10, as filed with the SEC,
on July 21, 2010. 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.
Contacts: Atlantic Power Corporation Patrick Welch Chief
Financial Officer (617) 977-2700 info@atlanticpower.com
www.atlanticpower.com
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