DEDHAM, Mass., April 19, 2021 /PRNewswire/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") announced today that it has obtained a final court order
from the Supreme Court of British
Columbia approving its previously announced arrangement with
certain affiliates (collectively the "Purchasers") of
infrastructure funds managed by I Squared Capital Advisors (US)
LLC.
The previously announced transaction with the Purchasers (the
"Transaction") remains subject to the satisfaction or waiver of
certain conditions, including approval of the holders of the
Company's convertible debentures ("Convertible Debentures"),
certain remaining regulatory approvals and third-party consents,
and other customary closing conditions. As previously disclosed,
the parties intend to close the Transaction without the approval of
the holders of the Convertible Debentures unless a sufficient
number of Convertible Debentures are voted in favor of the
Transaction as currently structured. The parties are continuing to
work through the steps required to do so and additional details
will be provided once these steps are substantially finalized.
The Transaction has received approval from the holders of common
shares of the Company and the holders of preferred shares and
medium term notes of certain of the Company's subsidiaries. The
Transaction also has received certain required regulatory
approvals, including an advance ruling certificate from the
Canadian Commissioner of Competition under the Competition Act
(Canada) on February 5, 2021, the expiration of the required
waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976 on March 9, 2021, and the
approval of the Federal Energy Regulatory Commission on
April 2, 2021. The parties currently
expect to close the Transaction in the second quarter of 2021.
About Atlantic Power
Atlantic Power is an independent power producer that owns power
generation assets in eleven states in the
United States and two provinces in Canada. The Company's generation projects sell
electricity and steam to investment-grade utilities and other
creditworthy large customers predominantly under long–term PPAs
that have expiration dates ranging from 2021 to 2043. The Company
seeks to minimize its exposure to commodity prices through
provisions in the contracts, fuel supply agreements and hedging
arrangements. The projects are diversified by geography, fuel type,
technology, dispatch profile and offtaker (customer). Approximately
75% of the projects in operation are 100% owned and directly
operated and maintained by the Company. The Company has expertise
in operating most fuel types, including gas, hydro, and biomass,
and it owns a 40% interest in one coal project.
Atlantic Power's shares trade 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
Investor Relations
(617) 977-2700
info@atlanticpower.com
Copies of the Company's financial data and other publicly filed
documents are available 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.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release may constitute
forward-looking information or forward-looking statements within
the meaning of applicable securities laws (collectively,
"forward-looking statements"), which reflect the expectations of
management regarding the future growth, results of operations,
performance and business prospects and opportunities of the Company
and its projects. These statements, which are based on certain
assumptions and describe the Company's future plans, strategies and
expectations, can generally be identified by the use of the words
"plans", "expects", "does not expect", "is expected", "budget",
"estimates", "forecasts", "targets", "intends", "anticipates" or
"does not anticipate", "believes", "outlook", "objective", or
"continue", or equivalents or variations, including negative
variations, of such words and phrases, or state that certain
actions, events or results, "may", "could", "would", "should",
"might" or "will" be taken, occur or be achieved. Examples of such
statements in this news release include, but are not limited to,
statements with respect to the closing of Transaction and the
anticipated timing of any such closing of the Transaction and the
parties' intentions with respect to the Convertible Debentures if
the Transaction is not approved by the required percentage of
holders of the Convertible Debentures.
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" and "Forward-Looking
Information" in the Company's periodic reports as filed with the
U.S. Securities and Exchange Commission (the "SEC") from time to
time for a detailed discussion of the risks and uncertainties
affecting the 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.
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SOURCE Atlantic Power Corporation