BOSTON, July 5, 2012 /PRNewswire/ -- Atlantic Power
Corporation (NYSE:AT) (TSX:ATP) (the "Company" or "Atlantic Power")
announced today the closing of its underwritten public offering of
5,567,177 common shares of the Company ("Common Shares") at a
public offering price of US$12.76 per
Common Share sold in US dollars and C$13.10 per Common Share sold in Canadian dollars
(the "Common Share Offering"). The Company received net proceeds
from the Common Share Offering, after deducting the underwriting
discounts and expenses, of approximately, US$68.5 million. Morgan
Stanley acted as sole bookrunner with respect to the Common Share
Offering.
The Company also announced today the closing of its underwritten
public offering on a bought deal basis, in each of the provinces
and territories of Canada, except
Quebec, of US$130 million aggregate principal amount of
series C convertible unsecured subordinated debentures (the
"Debentures", and the offering of the Debentures, the "Debenture
Offering" and, together with the Common Share Offering, the
"Offerings"). The Debentures bear interest at a rate of 5.75% per
year, and will mature on June 30,
2019, unless earlier redeemed. The Debentures will be
convertible into Common Shares at an initial conversion price of
US$17.25 per Common Share, being a
ratio of approximately 57.9710 Common Shares per US$1,000 principal amount of Debentures. The
Company received net proceeds from the Debenture Offering, after
deducting the underwriting discounts and expenses, of approximately
US$124.0 million. TD Securities acted as sole bookrunner with
respect to the Debenture Offering.
The Company intends to use the net proceeds from the Offerings
to fund the Company's equity commitment in Canadian Hills Wind
Power Development Project, its approximately 300 MW wind energy
project under construction in the State
of Oklahoma. To the extent that any net proceeds remain
thereafter, such net proceeds will be used by the Company to fund
additional growth opportunities and for general corporate
purposes.
A registration statement related to the Common Share Offering
has been declared effective by the U.S. Securities and Exchange
Commission (the "SEC"). The Common Share Offering was made solely
by means of a prospectus, and the final prospectus has been filed
with the SEC in the United States
and a supplemented short form PREP prospectus has been filed with
the Canadian securities regulators in each of the provinces in
Canada other than Prince Edward Island and Quebec. A copy of the U.S. prospectus relating
to the Common Share Offering may be obtained for free by visiting
the EDGAR database on the SEC's website at www.sec.gov and a copy
of the Canadian prospectus relating to the Common Share Offering
may be obtained for free by visiting the SEDAR database on the
Canadian securities administrators' website at www.sedar.com or
upon request from Morgan Stanley & Co. Incorporated, 180 Varick
Street, 2nd Floor, New York, New
York 10014, Attention: Prospectus Department, telephone:
866-718-1649 or by e-mail at
prospectus@morganstanley.com.
A registration statement related to the Debenture Offering has
been declared effective by the SEC. The Debenture Offering was made
solely by means of a prospectus, and the final short form
prospectus has been filed with the Canadian securities regulators
in each of the provinces and territories of Canada, other than Quebec. A copy of the U.S. prospectus relating
to the Debenture Offering may be obtained for free by visiting the
EDGAR database on the SEC's website at www.sec.gov and a copy of
the Canadian prospectus relating to the Debenture Offering may be
obtained for free by visiting the SEDAR database on the Canadian
securities administrators' website at www.sedar.com. A copy of the
U.S. prospectus relating to the Debenture Offering may be obtained
upon request from TD Securities (USA) LLC, Attn: David
Chepauskas (31 West 52nd St., New
York, NY 10019, Tel: (212) 827-7392), and a copy of the
Canadian prospectus relating to the Debenture Offering may be
obtained 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 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 is a leading publicly traded, power generation
and infrastructure company with a well-diversified portfolio of
assets in the United States and
Canada. The Company's 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. The
net generating capacity of the Company's projects is approximately
2,140 MW, consisting of interests in 31 operational power
generation projects across 11 states and 2 provinces and an
84-mile, 500 kilovolt electric transmission line located in
California. In addition, the
Company has one 53 MW biomass project under construction in
Georgia and one approximate 300 MW
wind project under construction in Oklahoma. Atlantic Power also owns a majority
interest in Rollcast Energy, a biomass power plant developer in
Charlotte, NC. Atlantic Power is
incorporated in British Columbia,
headquartered in Boston and has
offices in Chicago, Toronto, Vancouver and San
Diego. For more information, please visit the Company's
website at www.atlanticpower.com.
Forward-Looking Statements
This news release may include "forward-looking statements"
within the meaning of the federal securities laws and
"forward-looking information", as such term used in Canadian
securities laws (referred to as "forward-looking statements").
These forward-looking statements 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 regarding the use of the
proceeds from the Offerings as described above constitute
forward-looking statements. Forward-looking statements reflect
Atlantic Power's current expectations regarding future events and
speak only as of the date of this news release. These
forward-looking statements are based on a number of assumptions
which may prove to be incorrect. The intended use of proceeds from
the Offerings 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 the
filings Atlantic Power makes from time to time with the SEC and
Canadian securities regulators, including, without limitation,
Atlantic Power's Annual Report on Form 10-K, as amended and as
filed with the SEC and under Atlantic Power's profile on SEDAR at
www.sedar.com, Atlantic Power's Registration Statement on Form S-1,
as amended (File No. 333-181224) and Atlantic Power's Registration
Statement on Form S-1, as amended (File No. 333-181225). 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 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.
For further information please contact:
Atlantic Power Corporation
Amanda Wagemaker, Investor
Relations
(617) 977-2700
info@atlanticpower.com
SOURCE Atlantic Power Corporation