{"id":402659,"date":"2020-12-18T07:58:10","date_gmt":"2020-12-18T12:58:10","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=402659"},"modified":"2020-12-18T07:58:10","modified_gmt":"2020-12-18T12:58:10","slug":"atlantic-power-corporation-and-atlantic-power-preferred-equity-ltd-announce-normal-course-issuer-bids-for-the-companys-convertible-unsecured-subordinated-debentures-common-shares-and-preferred-sha","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/atlantic-power-corporation-and-atlantic-power-preferred-equity-ltd-announce-normal-course-issuer-bids-for-the-companys-convertible-unsecured-subordinated-debentures-common-shares-and-preferred-sha\/","title":{"rendered":"Atlantic Power Corporation and Atlantic Power Preferred Equity Ltd. Announce Normal Course Issuer Bids for the Company’s Convertible Unsecured Subordinated Debentures, Common Shares and Preferred Shares"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n DEDHAM, Mass.<\/span>, Dec. 18, 2020<\/span> \/PRNewswire\/ —\u00a0Atlantic Power Corporation (TSX: ATP) (NYSE: AT) (the “Company” or “Atlantic Power”) and Atlantic Power Preferred Equity Ltd (“APPEL”) announced today that the Toronto Stock Exchange (“TSX”) has approved Atlantic Power’s renewal of its normal course issuer bid (“NCIB”) for the following series of the Company’s convertible unsecured subordinated debentures and its common shares and APPEL’s renewal of its NCIB for each of the following series of its preferred shares (collectively, the “Public Securities”):<\/p>\n

a)\u00a0\u00a0\u00a0\u00a0 the 6.0% Series E Convertible Unsecured Subordinated Debentures due January 31, 2025<\/span> (the “6.0% Cdn$115.0 Million<\/span> Debentures”) (TSX: ATP.DB.E).<\/p>\n

b)\u00a0\u00a0\u00a0 the common shares (the “Common Shares”)\u00a0(TSX:ATP); <\/p>\n

c)\u00a0\u00a0\u00a0\u00a0 the 4.85% Cumulative Redeemable Preferred Shares, Series 1 (the “Series 1 Preferred Shares”) (TSX: AZP.PR.A);<\/p>\n

d)\u00a0\u00a0\u00a0 the Cumulative Rate Reset Preferred Shares, Series 2 (the “Series 2 Preferred Shares”) (TSX: AZP.PR.B); and<\/p>\n

e)\u00a0\u00a0\u00a0\u00a0 the Cumulative Floating Rate Preferred Shares, Series 3 (the “Series 3 Preferred Shares”) (TSX: AZP.PR.C).<\/p>\n

Atlantic Power and APPEL intend to commence their NCIBs on December 31<\/span>, 2020.\u00a0 The NCIBs will expire on December 30, 2021<\/span> or such earlier date as the Company and\/or APPEL complete their respective purchases pursuant to the NCIBs or terminate them at their option.\u00a0 Under its current NCIB which expires December 30, 2020<\/span>, Atlantic Power has purchased 7,476,213 of its common shares at an average price of Cdn$2.85<\/span>.\u00a0 There were no purchases of its 6.0% Series E Convertible Unsecured Subordinated Debentures.\u00a0 APPEL has purchased 381,794 of its Series 1 Preferred Shares at an average price of Cdn$15.17<\/span>; 62,365 of its Series 2 Preferred Shares at an average price of Cdn$15.20<\/span>; and 120,000 of its Series 3 Preferred Shares at an average price of Cdn$17.90<\/span>. <\/p>\n

Atlantic Power and APPEL believe that their Public Securities may trade in ranges that may not fully reflect their value.\u00a0 As a result, Atlantic Power and APPEL believe that the purchase of their Public Securities from time to time can be undertaken at prices that make the acquisition of such securities an appropriate use of Atlantic Power’s discretionary funds.\u00a0 In addition, purchases under the NCIBs may increase the liquidity of the Public Securities. <\/p>\n

Atlantic Power and APPEL will enter into a pre-defined automatic securities purchase plan (“ASPP”) with their broker in order to facilitate repurchases of their Public Securities under their NCIBs. \u00a0Under the ASPP, commencing December 31, 2020<\/span>, the broker for Atlantic Power and APPEL may repurchase their Public Securities under the NCIBs at any time, including without limitation when the Company and APPEL ordinarily would not be permitted to due to regulatory restrictions or self-imposed blackout periods. \u00a0Purchases will be made by the broker based upon the parameters prescribed by the TSX and the terms of the parties’ written agreement. \u00a0The ASPP will be in place for the one-year period of the NCIBs.\u00a0 RBC Capital Markets has been appointed as the broker of record for the Company’s and APPEL’s NCIBs. \u00a0All Public Securities purchased under the NCIBs will be cancelled.<\/p>\n

As of December 17, 2020<\/span>, Atlantic Power had outstanding:<\/p>\n

a)\u00a0\u00a0\u00a0\u00a0Cdn$115,000,000 principal amount of the 6.0% Cdn$115.0 Million<\/span> Debentures; and<\/p>\n

b)\u00a0\u00a0\u00a0 89,222,568 outstanding Common Shares.\u00a0 <\/p>\n

As of December 17, 2020<\/span>, APPEL had outstanding: <\/p>\n

c)\u00a0\u00a0\u00a0\u00a03,465,706 outstanding Series 1 Preferred Shares;<\/p>\n

d)\u00a0\u00a0\u00a0 2,441,766 outstanding Series 2 Preferred Shares; and<\/p>\n

e)\u00a0\u00a0\u00a0\u00a0957,391 outstanding Series 3 Preferred Shares.<\/p>\n

Under the NCIBs, the broker for Atlantic Power and APPEL may purchase up to 10% of the public float of Atlantic Power’s common shares and 5% of the public float of its convertible debentures and up to 10% of the public float of APPEL’s preferred shares, determined as of December 17, 2020<\/span>, up to the following limits:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n \u00a0\u00a0 Limit on Purchases (Principal Amount)<\/u><\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n \u00a0 Total Limit (1)<\/sup><\/u><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Daily Limit (2)<\/sup><\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n a)\u00a0\u00a0\u00a0\u00a06.0% Cdn$115.0 Million Debentures <\/span>\n <\/p>\n<\/td>\n

\n

\n \u00a0 Cdn$5,750,000<\/span>\n <\/p>\n<\/td>\n

\n

\n Cdn$7,706<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n
\n Limit on Purchases (Number of Shares)<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n \u00a0 Total Limit (3)<\/sup><\/u><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Daily Limit (4)<\/sup><\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n b)\u00a0\u00a0\u00a0 Common Shares <\/span>\n <\/p>\n<\/td>\n

\n

\n 8,554,391<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,420<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n c)\u00a0\u00a0\u00a0\u00a0Series 1 Preferred Shares<\/span>\n <\/p>\n<\/td>\n

\n

\n 346,570<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n d)\u00a0\u00a0\u00a0 Series 2 Preferred Shares<\/span>\n <\/p>\n<\/td>\n

\n

\n 243,976<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n e)\u00a0\u00a0\u00a0\u00a0Series 3 Preferred Shares<\/span>\n <\/p>\n<\/td>\n

\n

\n 93,889<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,000<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n\n\n\n
\n

\n Notes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n 1<\/span>\n <\/p>\n<\/td>\n

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\n Represents 5% of the public float.\u00a0 As of December 17, 2020, the public float of the 6.0% Cdn$115.0 Million Debentures was $115,000,000.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 2<\/span>\n <\/p>\n<\/td>\n

\n

\n Represents 25% of the 6-month Average Daily Trading Value (“ADTVA”) on the TSX.\u00a0 The ADTVA for the 6.0% Cdn$115.0 Million Debentures is Cdn$30,826.\u00a0 <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 3<\/span>\n <\/p>\n<\/td>\n

\n

\n For the Common Shares, represents 10% of the public float.\u00a0 For the Series 1 Preferred Shares, Series 2 Preferred Shares and Series 3 Preferred Shares, represents 10% of the public float.\u00a0 As of December 17, 2020, the public float of the Common Shares was 85,543,916; the public float of the Series 1 Preferred Shares was 3,465,706; the public float of the Series 2 Preferred Shares was 2,439,766; and the public float of the Series 3 Preferred Shares was 938,891.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 4<\/span>\n <\/p>\n<\/td>\n

\n

\n Represents the greater of 25% of the 6-month Average Daily Trading Volume (“ADTVO”) on the TSX or 1,000 shares.\u00a0 The ADTVO for the Common Shares is 41,683; the ADTVO for the Series 1 Preferred Shares is 1,221; the ADTVO for the Series 2 Preferred Shares is 993; and the ADTVO for the Series 3 Preferred Shares is 836.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

All purchases made under the NCIBs will be made through the facilities of the TSX or other Canadian designated exchanges and published marketplaces and in accordance with the rules of the TSX at market prices prevailing at the time of purchase.\u00a0 Common share purchases under the NCIB may also be made on the New York Stock Exchange (“NYSE”) in compliance with rule 10b<\/span>-18 under the U.S. Securities Exchange Act of 1934, as amended, or other designated exchanges and published marketplaces in the U.S. in accordance with applicable regulatory requirements.\u00a0 The ability to make certain purchases through the facilities of the NYSE is subject to regulatory approval.\u00a0 The actual amount of Public Securities that may be purchased under the NCIBs is subject to, and cannot exceed, the limits referred to above.\u00a0 <\/p>\n

\n About Atlantic Power<\/b>\n <\/p>\n

Atlantic Power is an independent power producer that owns power generation assets in eleven states in the United States<\/span> and two provinces in Canada.\u00a0 The generation projects sell electricity and steam to investment-grade utilities and other creditworthy large customers predominantly under long\u2013term PPAs that have expiration dates ranging from 2021 to 2043.\u00a0 The Company seeks to minimize its exposure to commodity prices through provisions in the contracts, fuel supply agreements and hedging arrangements.\u00a0 The projects are diversified by geography, fuel type, technology, dispatch profile and offtaker (customer).\u00a0 Approximately 75% of the projects in operation are 100% owned and directly operated and maintained by the company.\u00a0 The Company has expertise in operating most fuel types, including gas, hydro, and biomass, and it owns a 40% interest in one coal project.\u00a0 APPEL is an indirect wholly-owned subsidiary of Atlantic Power. <\/p>\n

Atlantic Power’s common shares trade on the New York Stock Exchange under the symbol AT and on the Toronto Stock Exchange under the symbol ATP.\u00a0 For more information, please visit the Company’s website at www.atlanticpower.com<\/a> or contact:<\/p>\n

Atlantic Power Corporation\u00a0
Investor Relations
(617) 977-2700\u00a0
info@atlanticpower.com<\/a><\/p>\n

Copies of the Company’s financial data and other publicly filed documents are available on SEDAR at www.sedar.com<\/a> or on EDGAR at www.sec.gov\/edgar.shtml<\/a> under “Atlantic Power Corporation” or on the Company’s website<\/a>.<\/p>\n

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\n Cautionary Note Regarding Forward-Looking Statements<\/b>\n <\/p>\n

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”). <\/p>\n

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 press release include, but are not limited to, statements with respect to the following:<\/p>\n