AT - Atlantic Power Issues Notice of Redemption of 6.00% Series E Convertible Unsecured Subordinated Debentures

Canada NewsWire

DEDHAM, Mass. , Dec. 2, 2022 /CNW/ - Atlantic Power Corporation (" Atlantic Power ") announced today that it has delivered a notice of redemption (the " Notice ") to registered holders of all of its outstanding 6.00% Series E Convertible Unsecured Subordinated Debentures due January 31, 2025 (the " Debentures ").

As previously announced, all Debentures that were not converted prior to 4:00 p.m. ( Toronto time) on May 11, 2021 were defeased effective as of the closing of Atlantic Power's going private transaction with affiliates of infrastructure funds managed by I Squared Capital Advisors (US) LLC on May 14, 2021 . Any Debentures which remained outstanding following expiry of a post-closing make-whole conversion period which ended on June 14, 2021 have and will continue to receive interest at a rate of 6.00% per annum, payable semi-annually in arrears up to but excluding the date of redemption of the Debentures at par in accordance with the terms of the indenture governing the Debentures (the " Indenture ").

As further set out in the Notice and in accordance with the Indenture, Atlantic Power will redeem, as of January 31, 2023 (the " Redemption Date "), the aggregate outstanding principal amount of C$112,131,000 of Debentures upon payment of a redemption amount of C$1,030 for each C$1,000 principal amount of Debentures, being equal to the aggregate of (i) C$1,000 par value and (ii) accrued and unpaid interest on such redeemed Debentures up to but excluding the Redemption Date (collectively, the " Total Redemption Price "). The  Total Redemption  Price  will  be  payable  upon  presentation  and  surrender  of  the  Debentures  called  for  redemption by registered holders at Computershare Trust Company of Canada at its offices in Toronto, Canada . The planned redemption of the Debentures on January 31, 2023 was previously announced by Atlantic Power on May 14, 2021 , when the Debentures were defeased.

All of the outstanding Debentures are currently registered in the name of CDS and will all be redeemed on the Redemption Date. Beneficial holders of Debentures with any questions about the redemption should contact their respective brokerage firm or financial institution.

Additional information concerning the terms and conditions of the redemption is provided in the Notice. Beneficial holders with any questions about the redemption should contact their respective brokerage firm or financial institution.

This press release is for informational purposes only and shall not constitute a notice of redemption of the Debentures.

Headquartered in Dedham, Massachusetts , Atlantic Power owns a portfolio of 17 power projects across nine U.S. states and two Canadian provinces amounting to approximately 857 megawatts in net owned generation.

SOURCE Atlantic Power Corporation

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