BOSTON, Oct. 19, 2011 /PRNewswire/ -- Atlantic Power
Corporation (TSX: ATP)(NYSE: AT) (the "Company" or "Atlantic
Power") announced today the closing of its previously announced
public offering of 12,650,000 common shares of the Company (the
"Common Shares"), which includes 1,650,000 Common Shares issued
pursuant to the exercise in full of the underwriters'
over-allotment option, at a purchase price of US$13.00 per Common Share sold in US dollars and
C$13.26 per Common Share sold in
Canadian dollars, for aggregate gross proceeds of approximately
C$168 million (the "Offering"). TD
Securities Inc. and Morgan Stanley & Co. LLC served 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 previously announced 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. 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 was made solely by means of a prospectus, and
the final prospectus has been filed with the Securities and
Exchange Commission in the United
States and a supplemented short form PREP prospectus has
been filed with the Canadian securities regulators in each province
and territory in Canada other than
Quebec. A copy of the U.S.
prospectus relating to the Offering may be obtained for free by
visiting the EDGAR database on the SEC's web site at www.sec.gov or
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 for free by
visiting the Canadian securities regulators' SEDAR website of
www.sedar.com or 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 securities 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
C$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 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 US$1.0 billion. For more information, please
visit the Company's website at www.atlanticpower.com or
contact:
Atlantic Power Corporation
Barry Welch, President & CEO
(617) 977-2700
info@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 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. There can be no assurance that the
Plan of Arrangement will be completed 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