Atlantic Power Corporation Announces Pricing of Public Offering of Unsecured Convertible Debentures on a Bought Deal Basis

Atlantic Power Corporation (NYSE: AT) announced today that it has priced an underwritten public offering on a bought deal basis, in each of the provinces and territories of Canada, except Quebec, of US$130 million aggregate principal amount of series C convertible unsecured subordinated debenturesat a public offering price of US$1,000 per Debenture. The Debentures will bear interest at a rate of 5.75% per year, and will mature on June 30, 2019, unless earlier redeemed.

The Debentures will be convertible into common shares of the Company at an initial conversion price of US$17.25 per common share, being a ratio of approximately 57.9710 common shares per US$1,000 principal amount of Debentures. The Company estimates that the net proceeds from the offering of the Debentures, after deducting the underwriting discounts and estimated expenses, will be approximately US$124.0 million. TD Securities is acting as sole bookrunner with respect to the offering of Debentures. Subject to customary closing conditions, the offering of Debentures is expected to close on July 5, 2012.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.