BOSTON, Feb. 24, 2014 /CNW/
- 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