DEDHAM,
Mass., Dec. 2, 2022 /CNW/ - Atlantic Power
Corporation ("Atlantic Power") announced today that it has
delivered a notice of redemption (the "Notice") to
registered holders of all of its outstanding 6.00% Series E
Convertible Unsecured Subordinated Debentures due January 31, 2025 (the "Debentures").
As previously announced, all Debentures that were not converted
prior to 4:00 p.m. (Toronto time) on May 11, 2021 were
defeased effective as of the closing of Atlantic Power's going
private transaction with affiliates of infrastructure funds managed
by I Squared Capital Advisors (US) LLC on May 14, 2021. Any Debentures which remained
outstanding following expiry of a post-closing make-whole
conversion period which ended on June 14,
2021 have and will continue to receive interest at a rate of
6.00% per annum, payable semi-annually in arrears up to but
excluding the date of redemption of the Debentures at par in
accordance with the terms of the indenture governing the Debentures
(the "Indenture").
As further set out in the Notice and in accordance with the
Indenture, Atlantic Power will redeem, as of January 31, 2023 (the "Redemption Date"),
the aggregate outstanding principal amount of C$112,131,000 of Debentures upon payment of a
redemption amount of C$1,030 for each
C$1,000 principal amount of
Debentures, being equal to the aggregate of (i) C$1,000 par value and (ii) accrued and unpaid
interest on such redeemed Debentures up to but excluding the
Redemption Date (collectively, the "Total Redemption
Price"). The Total Redemption Price
will be payable upon presentation
and surrender of the Debentures
called for redemption by registered holders at
Computershare Trust Company of Canada at its offices in Toronto, Canada. The planned redemption of the
Debentures on January 31, 2023 was
previously announced by Atlantic Power on May 14, 2021, when the Debentures were
defeased.
All of the outstanding Debentures are currently registered in
the name of CDS and will all be redeemed on the Redemption Date.
Beneficial holders of Debentures with any questions about the
redemption should contact their respective brokerage firm or
financial institution.
Additional information concerning the terms and conditions of
the redemption is provided in the Notice. Beneficial holders with
any questions about the redemption should contact their respective
brokerage firm or financial institution.
This press release is for informational purposes only and shall
not constitute a notice of redemption of the Debentures.
About Atlantic Power
Headquartered in Dedham,
Massachusetts, Atlantic Power owns a portfolio of 17 power
projects across nine U.S. states and two Canadian provinces
amounting to approximately 857 megawatts in net owned
generation.
SOURCE Atlantic Power Corporation
