BOSTON, Oct. 13, 2011 /PRNewswire/ -- Atlantic Power
Corporation (TSX: ATP) (NYSE:AT) (the "Company" or "Atlantic
Power") announced today that it has priced a public offering (the
"Offering") of 11,000,000 common shares of the Company (the "Common
Shares") at a price of US$13.00 per
share for Common Shares sold in US dollars and C$13.26 per share for Common Shares sold in
Canadian dollars, for gross proceeds of approximately C$146 million. The Company has granted the
underwriters a 30-day option to purchase up to 1,650,000 additional
Common Shares at the same price to cover over-allotments, if any.
TD Securities Inc. and Morgan Stanley & Co. LLC are
serving as joint book-running managers of the Offering.
The Company intends to use the net proceeds from the Offering as
follows: (i) to fund a portion of the cash consideration payable by
the Company following its proposed direct and indirect acquisition
of all of the outstanding limited partnership units of Capital
Power Income L.P. pursuant to a plan of arrangement (the ''Plan of
Arrangement'') under the Canada Business Corporations Act;
and (ii) to the extent that any proceeds remain thereafter, or the
Plan of Arrangement is not completed, to fund additional growth
opportunities and for general corporate purposes. The
Offering is not conditioned on the completion of the Plan of
Arrangement and there can be no assurance that the Plan of
Arrangement will be completed.
A registration statement relating to the Common Shares has been
declared effective by the U.S. Securities and Exchange Commission.
The Offering is being made only by means of a prospectus.
A copy of the U.S. prospectus relating to the Offering may be
obtained upon request from TD Securities (USA) LLC, Attn: Robin
Kooyman (31 West 52nd St., New
York, NY 10019, Tel: (212) 827-7392) or from Morgan Stanley,
Attn: Prospectus Dept. (180 Varick St., 2nd Floor, New York, NY 10014, Tel: (866) 718-1649,
Email: prospectus@morganstanley.com); and a copy of
the Canadian prospectus relating to the Offering may be obtained
upon request by contacting TD Securities Inc., Attn: Symcor, NPM
(Email: sdcconfirms@td.com, Tel: (289)
360-2009).
This press release does not constitute an offer to sell or a
solicitation of an offer to buy and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer,
solicitation or sale is unlawful.
About Atlantic Power
Atlantic Power Corporation owns and operates a diverse fleet of
power generation and infrastructure assets in the United States. Our power generation
projects sell electricity to utilities and other large commercial
customers under long-term power purchase agreements, which seek to
minimize exposure to changes in commodity prices. Our power
generation projects in operation have an aggregate gross electric
generation capacity of approximately 1,948 megawatts in which our
ownership interest is approximately 871 MW. Our corporate
strategy is to generate stable cash flows from our existing assets
and to make accretive acquisitions to sustain our dividend payout
to shareholders, which is currently paid monthly at an annual rate
of Cdn$1.094 per share. Our
current portfolio consists of interests in 12 operational power
generation projects across nine states, one biomass project under
construction in Georgia, and an
84-mile, 500 kilovolt electric transmission line located in
California. Atlantic Power
also owns a majority interest in Rollcast Energy, a biomass power
plant developer with several projects under development.
Atlantic Power announced its intention to acquire Capital Power
Income L.P. in June of 2011, and we expect the transaction to close
in early November 2011.
Atlantic Power trades on the New York Stock Exchange under the
symbol AT, on the Toronto Stock Exchange under the symbol ATP and
has a market capitalization of approximately $1.0 billion. For more information, please
visit the Company's website at www.atlanticpower.com.
Forward-Looking Statements
This news release may include forward-looking statements.
Forward-looking statements involve risks and uncertainties. These
statements, which are based on certain assumptions and describe
Atlantic Power's future plans, projections, strategies and
expectations, can generally be identified by the use of the words
"outlook," "objective," "may," "will," "should," "could," "would,"
"plan," "potential," "estimate," "project," "continue," "believe,"
"intend," "anticipate," "expect," "target" or the negatives of
these words and phrases or similar expressions that are predictions
of or indicate future events or trends and which do not relate
solely to present or historical matters. In particular, Atlantic
Power's intention to complete the Plan of Arrangement and the
Offering and to use the proceeds from the Offering as described
above constitute forward-looking statements. Such forward-looking
statements reflect Atlantic Power's current expectations regarding
future events and speak only as of the date of this news release.
Such forward-looking statements are based on a number of
assumptions which may prove to be incorrect. The completion
of the Offering will be subject to market conditions and the
intended use of proceeds from the Offering may change from that
described herein. Forward-looking statements involve
significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not or the times
at or by which such performance or results will be achieved.
A number of factors could cause actual results to differ
materially from the results discussed in the forward-looking
statements, including, but not limited to, the factors discussed
under "Risk factors" in Atlantic Power's Annual Information Form
dated May 6, 2011, Atlantic Power's
Annual Report on Form 10-K, as filed with the Securities and
Exchange Commission, on March 18,
2011 and under Atlantic Power's profile on SEDAR at
www.sedar.com, and Atlantic Power's Registration Statement on Form
S-1 (File No. 333-176257). Atlantic Power's business is both
competitive and subject to various risks. Although the
forward-looking statements contained in this news release are based
upon what Atlantic Power's believes to be reasonable assumptions,
investors cannot be assured that actual results will be consistent
with these forward-looking statements, and the differences may be
material. Therefore, investors are urged not to place undue
reliance on Atlantic Power's forward-looking statements. These
forward-looking statements are made as of the date of this news
release and, except as expressly required by applicable law,
Atlantic Power assumes no obligation to update or revise them to
reflect new events or circumstances.
SOURCE Atlantic Power Corporation