BOSTON, Feb. 24, 2014 /PRNewswire/ -- Atlantic Power
Corporation (TSX: ATP; NYSE: AT) (the "Company"), today announced
that Atlantic Power Limited Partnership ("APLP"), a wholly-owned
indirect subsidiary of the Company, entered into new senior secured
credit facilities, comprising $600
million in aggregate principal amount of senior secured term
loan facilities and $210 million in
aggregate principal amount of senior secured revolving credit
facilities (collectively, the "new senior secured credit
facilities"). The Company previously announced the launch of
the syndication of the new senior secured credit facilities in the
Company's Current Report on Form 8-K filed with the Securities and
Exchange Commission on January 30,
2014, and the press release referred to therein (the
"Previous Announcement"). Subject to satisfaction of
customary conditions precedent, the Company expects that the
closing of the new senior secured credit facilities and the funding
thereunder will occur on or about February
26, 2014. The Company and its subsidiaries expect to
use the proceeds of the senior secured term loan facilities
and the extensions of credit available under the senior secured
revolving credit facilities for various purposes, as described in
the Previous Announcement.
Loans, letters of credit, and other extensions of credit under
the senior secured credit facilities will be available to the
company in either U.S. dollars or Canadian dollars, and will bear
interest at the Adjusted Eurodollar Rate (as defined in the credit
agreement governing the new senior secured credit facilities) plus
a margin of 3.75%.
Cautionary Note Regarding Forward-looking Statements
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, and under
Canadian securities law (collectively, "forward-looking
statements").
Certain statements in this news release may constitute
"forward-looking statements", which reflect the expectations of
management regarding the future growth, results of operations,
performance and business prospects and opportunities of our Company
and our projects. These statements, which are based on certain
assumptions and describe our future plans, strategies and
expectations, can generally be identified by the use of the words
"may," "will," "project," "continue," "believe," "intend,"
"anticipate," "expect" or similar expressions that are predictions
of or indicate future events or trends and which do not relate
solely to present or historical matters. Examples of such
statements in this news release include, but are not limited to,
statements regarding the anticipated timing of closing and funding
of the new senior secured credit facilities, and the expected use
of proceeds therefrom.
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. Please refer to the
factors discussed under "Risk Factors" in the Company's periodic
reports as filed with the Securities and Exchange Commission from
time to time for a detailed discussion of the risks and
uncertainties affecting our Company. Although the
forward-looking statements contained in this news release are based
upon what are believed 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. These forward-looking statements are made as of the
date of this news release and, except as expressly required by
applicable law, the Company assumes no obligation to update or
revise them to reflect new events or circumstances.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power
generation assets in the United
States and Canada. Atlantic Power's power generation
projects sell electricity to utilities and other large commercial
customers largely under long-term power purchase agreements, which
seek to minimize exposure to changes in commodity prices. Its power
generation projects in operation have an aggregate gross electric
generation capacity of approximately 2,948 MW in which its
aggregate ownership interest is approximately 2,026 net MW.
Its current portfolio consists of interests in twenty-eight
operational power generation projects across eleven states in
the United States and two
provinces in Canada.
Atlantic Power has a market capitalization of approximately
$310 million and trades on the New
York Stock Exchange under the symbol AT and on the Toronto Stock
Exchange under the symbol ATP. For more information, please visit
the Company's website at www.atlanticpower.com or contact:
Atlantic Power Corporation Amanda Wagemaker, Investor Relations
(617) 977-2700 info@atlanticpower.com
Copies of financial data and other publicly filed documents are
filed on SEDAR at www.sedar.com or on EDGAR at
www.sec.gov/edgar.shtml under "Atlantic Power Corporation" or on
the Company's website.
SOURCE Atlantic Power Corporation