Atlantic Power Corporation Announces Closing of Public Offering of Common Shares
October 19 2011 - 9:20AM
PR Newswire (Canada)
BOSTON, Oct. 19, 2011 /CNW/ -- Atlantic Power Corporation (the
"Company" or "Atlantic Power") announced today the closing of its
previously announced public offering of 12,650,000 common shares of
the Company (the "Common Shares"), which includes 1,650,000 Common
Shares issued pursuant to the exercise in full of the underwriters'
over-allotment option, at a purchase price of US$13.00 per Common
Share sold in US dollars and C$13.26 per Common Share sold in
Canadian dollars, for aggregate gross proceeds of approximately
C$168 million (the "Offering"). TD Securities Inc. and Morgan
Stanley & Co. LLC served as joint book-running managers of the
Offering. The Company intends to use the net proceeds from the
Offering as follows: (i) to fund a portion of the cash
consideration payable by the Company following its previously
announced proposed direct and indirect acquisition of all of the
outstanding limited partnership units of Capital Power Income L.P.
pursuant to a plan of arrangement (the ''Plan of Arrangement'')
under the Canada Business Corporations Act; and (ii) to the extent
that any proceeds remain thereafter, or the Plan of Arrangement is
not completed, to fund additional growth opportunities and for
general corporate purposes. There can be no assurance that the Plan
of Arrangement will be completed. A registration statement relating
to the Common Shares has been declared effective by the U.S.
Securities and Exchange Commission. The Offering was made solely by
means of a prospectus, and the final prospectus has been filed with
the Securities and Exchange Commission in the United States and a
supplemented short form PREP prospectus has been filed with the
Canadian securities regulators in each province and territory in
Canada other than Quebec. A copy of the U.S. prospectus relating to
the Offering may be obtained for free by visiting the EDGAR
database on the SEC's web site at www.sec.gov or from TD Securities
(USA) LLC, Attn: Robin Kooyman (31 West 52nd St., New York, NY
10019, Tel: (212) 827-7392) or from Morgan Stanley, Attn:
Prospectus Dept. (180 Varick St., 2nd Floor, New York, NY 10014,
Tel: (866) 718-1649, Email: prospectus@morganstanley.com); and a
copy of the Canadian prospectus relating to the Offering may be
obtained for free by visiting the Canadian securities regulators'
SEDAR website of www.sedar.com or upon request by contacting TD
Securities Inc., Attn: Symcor, NPM (Email: sdcconfirms@td.com, Tel:
(289) 360-2009). This press release does not constitute an offer to
sell or a solicitation of an offer to buy securities and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale is unlawful. About Atlantic
Power Atlantic Power Corporation owns and operates a diverse fleet
of power generation and infrastructure assets in the United States.
Our power generation projects sell electricity to utilities and
other large commercial customers under long-term power purchase
agreements, which seek to minimize exposure to changes in commodity
prices. Our power generation projects in operation have an
aggregate gross electric generation capacity of approximately 1,948
megawatts in which our ownership interest is approximately 871 MW.
Our corporate strategy is to generate stable cash flows from our
existing assets and to make accretive acquisitions to sustain our
dividend payout to shareholders, which is currently paid monthly at
an annual rate of C$1.094 per share. Our current portfolio consists
of interests in 12 operational power generation projects across
nine states, one biomass project under construction in Georgia, and
an 84-mile, 500 kilovolt electric transmission line located in
California. Atlantic Power also owns a majority interest in
Rollcast Energy, a biomass power plant developer with several
projects under development. Atlantic Power trades on the New York
Stock Exchange under the symbol AT, on the Toronto Stock Exchange
under the symbol ATP and has a market capitalization of
approximately US$1.0 billion. For more information, please visit
the Company's website at www.atlanticpower.com or contact: Atlantic
Power Corporation Barry Welch, President & CEO (617) 977-2700
info@atlanticpower.com Forward-looking Statements This news release
may include forward-looking statements. Forward-looking statements
involve risks and uncertainties. These statements, which are based
on certain assumptions and describe Atlantic Power's future plans,
projections, strategies and expectations, can generally be
identified by the use of the words "outlook," "objective," "may,"
"will," "should," "could," "would," "plan," "potential,"
"estimate," "project," "continue," "believe," "intend,"
"anticipate," "expect," "target" or the negatives of these words
and phrases or similar expressions that are predictions of or
indicate future events or trends and which do not relate solely to
present or historical matters. In particular, Atlantic Power's
intention to complete the Plan of Arrangement and to use the
proceeds from the Offering as described above constitute
forward-looking statements. Such forward-looking statements reflect
Atlantic Power's current expectations regarding future events and
speak only as of the date of this news release. Such
forward-looking statements are based on a number of assumptions
which may prove to be incorrect. There can be no assurance that the
Plan of Arrangement will be completed and the intended use of
proceeds from the Offering may change from that described herein.
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. A number of factors could
cause actual results to differ materially from the results
discussed in the forward-looking statements, including, but not
limited to, the factors discussed under "Risk factors" in Atlantic
Power's Annual Information Form dated May 6, 2011, Atlantic Power's
Annual Report on Form 10-K, as filed with the Securities and
Exchange Commission, on March 18, 2011 and under Atlantic Power's
profile on SEDAR at www.sedar.com, and Atlantic Power's
Registration Statement on Form S-1 (File # 333-176257). Atlantic
Power's business is both competitive and subject to various risks.
Although the forward-looking statements contained in this news
release are based upon what Atlantic Power's believes 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. Therefore, investors are urged
not to place undue reliance on Atlantic Power's forward-looking
statements. These forward-looking statements are made as of the
date of this news release and, except as expressly required by
applicable law, Atlantic Power assumes no obligation to update or
revise them to reflect new events or circumstances. Atlantic Power
Corporation CONTACT: Web Site: http://www.atlanticpower.com
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