Atlantic Power to make normal-course issuer bid for convertibles

By Wendy Van Sickle

Columbus, Ohio, Dec. 20 – Atlantic Power Corp. plans to make a normal-course issuer bid for two series of its convertible unsecured subordinated debentures, and Atlantic Power Preferred Equity Ltd. plans to make a normal-course issuer bid for three series of its preferred shares, according to a company news release.

The issuer bids are expected to begin Dec. 29 and expire Dec. 28, 2017.

The following securities will be covered by the issuer bids:

• $46.2 million of outstanding 5.75% series C convertible subordinated debentures due June 30, 2019;

• C$81 million of outstanding 6% series D extendible convertible subordinated debentures due Dec. 31, 2019;

• 5 million outstanding 4.85% cumulative redeemable preferred shares, series 1;

• 2,338,094 outstanding cumulative rate-reset preferred shares, series 2; and

• 1,661,906 outstanding cumulative floating-rate preferred shares, series 3.

Under the issuer bids, the broker for Atlantic Power and Atlantic Power Preferred Equity may purchase up to 10% of the public float of Atlantic Power's convertible debentures and common shares and up to 5% of the amount issued and outstanding of Atlantic Power Preferred Equity's preferred shares.

Under its presents issuer bid, which expires Dec. 28, Atlantic Power purchased $11.7 million of its 5.75% debentures at an average price of $85.843 and C$8,995,000 of its 6% debentures at an average price of C$84.94.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.