Atlantic Power plans to price C$70 million of convertible debentures

By Rebecca Melvin

New York, Oct. 12 - Atlantic Power Corp. plans to price C$70 million of convertible unsecured subordinated debentures in a public offering in Canada, according to a company news release.

There is an over-allotment option for up to C$10.5 million of additional debentures.

Previously, the deal was talked at C$50 million in size.

BMO Capital Markets is the bookrunner for the offering, which was originally unveiled in August.

Atlantic Power will also sell 5.1 million shares of common stock in the United States and Canada via joint bookrunners BMO and UBS Securities LLC. There is an over-allotment option for up to another 765,000 shares.

Proceeds from both offerings will be used to repay $20 million of a revolving credit facility taken in June to partially fund the company's acquisition of a 27.6% equity interest in Idaho Wind Partners 1 LLC and to fund a $75 million investment in the Piedmont Green Power biomass project in Barnesville, Ga.

Any remaining proceeds will be used to fund additional growth opportunities and for general corporate purposes, including another potential acquisition that the company is currently considering.

Atlantic Power is a Boston-based independent power producer.

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