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.
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