Atlantic Power increases issuer bid for three series of preferreds

New York, June 21 – Atlantic Power Corp. said that the Toronto Stock Exchange has accepted an increase to its normal course issuer bid program.

The change affects the 4.85% cumulative redeemable preferred shares, series 1, the cumulative rate reset preferred shares, series 2, and the cumulative floating-rate preferred shares, series 3, issued by Atlantic Power Preferred Equity Ltd., according to a news release.

The preferreds trade under the tickers “AZPPrA,” “AZPPrB” and “AZPPrC,” respectively.

Atlantic Power may now purchase 475,000 shares of the series 1 preferreds, 10% of the public float of 4.75 million shares as of Dec. 15, 2017 and increased from 237,500 shares, 233,609 shares of the series 2 preferreds, 10% of the public float of 2,338,094 shares as of Dec. 15, 2017 and increased from 116,904 shares, and 164,790 shares of the series 3 preferreds, 10% of the public float of 1,661,906 shares as of Dec. 15, 2017 and increased from 83,905 shares.

Daily repurchases are limited to 1,000 shares of each series, a cap that was not changed.

The normal course issuer bid expires on Dec. 28.

Under the current bid program, Atlantic Power has purchased 237,500 shares of the series 1 preferreds at an average price of C$15.24 and 83,095 shares of the series 3 preferreds at an average price of C$17.80.

Atlantic Power is a Dedham, Mass., independent power producer with assets in nine U.S. states and two Canadian provinces.

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