Atlantic Power intends to redeem C$210 million 5.95% notes due 2036

Chicago, May 11 – Atlantic Power Corp. and wholly owned subsidiary Atlantic Power LP intends to redeem its C$210 million 5.95% notes due June 23, 2036, according to a press release.

The redemption is conditional on closing of the proposed transaction among Atlantic Power, Atlantic Power Preferred Equity Ltd., Atlantic Power LP and certain affiliates of infrastructure funds managed by I Squared Capital Advisors (US) LLC. The transaction closing date is expected for May 14.

An amendment to the indenture, arrived at through a consent solicitation process with approval by holders representing 89.9% principal amount of notes, provides for the mandatory redemption of the notes in connection with the closing of the transaction.

The redemption price will be 106.071, plus interest to the closing date.

Noteholders who approved the amendments in the consent solicitation will also receive a consent fee equal to 0.25% of the total principal amount of their notes that a consent was delivered by the 5 p.m. ET March 16 deadline.

The transaction remains subject to the satisfaction or waiver of certain conditions, including remaining third-party consents and other customary closing conditions.

RBC Dominion Securities Inc. was the solicitation agent.

Questions about the redemption should be directed to RBC (416 842-6311, 877 381-2099, liability.management@rbccm.com).

Dedham, Mass.-based Atlantic Power owns and operates a fleet of power generation assets.

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