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Atlantic Power Corporation (NYSE: AT) announced the closing of its transaction with I Squared Capital Advisors, acquiring common shares for US$3.03 each. Preferred shares were acquired for C$22.00. Medium term notes were redeemed at 106.071% of their principal, while convertible debentures have been defeased. The company plans to delist its shares from the NYSE and TSX and cease being a reporting issuer in Canada. Shareholders must return required documents to receive their payments.
Atlantic Power Corporation (NYSE: AT) announced plans to redeem C$210 million in 5.95% medium term notes due June 23, 2036, through its subsidiary, Atlantic Power Limited Partnership (APLP). This redemption is conditional upon the closing of a transaction with affiliates of I Squared Capital Advisors, targeting May 14, 2021, as the close date. The redemption price will be 106.071% of the principal amount, plus accrued interest. Holders who consented to amendments will receive a 0.25% consent fee. The transaction remains subject to third-party consents and customary conditions.
Atlantic Power Corporation reported a net loss of $0.1 million for Q1 2021, reversing the net income of $29.5 million from Q1 2020. The decline was primarily due to a foreign exchange loss and increased administration expenses. Project Adjusted EBITDA decreased to $48.2 million from $50.8 million, attributed to lower water flows at Curtis Palmer. Project revenue slightly fell to $72.0 million. The company is progressing with a transaction involving I Squared Capital, expected to close on May 14, 2021, following necessary approvals.
Atlantic Power Corporation (NYSE: AT) will announce its financial results for Q1 2021 on May 6, 2021, after market close. The Company will not hold a conference call due to an upcoming acquisition by affiliates of I Squared Capital Advisors, targeted for closing on May 14, 2021. Atlantic Power operates power generation assets across the U.S. and Canada, selling electricity under long-term contracts. Approximately 75% of the projects are fully owned and managed by the Company, minimizing commodity price exposure through contractual arrangements.
Atlantic Power Corporation (NYSE: AT) has announced the cancellation of a meeting regarding its 6.00% Series E Convertible Debentures, originally scheduled for April 29, 2021. This decision comes after Atlantic Power and its purchasers mutually agreed to waive the condition requiring debenture holder approval for a proposed transaction. The closings are targeted for May 14, 2021, after which the company plans to defease all outstanding Convertible Debentures. Holders converting their debentures within a specific period will receive a Make Whole Premium in common shares.
Atlantic Power Corporation (NYSE: AT) announced a final court order from the Supreme Court of British Columbia approving its arrangement with affiliates of I Squared Capital Advisors. The transaction is pending conditions, including approval from convertible debenture holders. While common and preferred shareholders have approved the deal, the company plans to close without debenture approval if necessary. Regulatory approvals have been secured, and the deal is expected to close in Q2 2021. The company operates power generation assets across the U.S. and Canada, selling electricity under long-term contracts.
Atlantic Power Corporation (NYSE: AT) announced progress on a transaction with I Squared Capital Advisors, aimed at closing without the approval of holders of its 6.00% Series E Convertible Debentures due January 31, 2025. Holders are expected to receive a 'make whole premium.' The Debentureholder Meeting was adjourned to April 29, 2021, and will be canceled if insufficient approvals are obtained. The transaction has received necessary regulatory approvals and is anticipated to close in Q2 2021.
Atlantic Power Corporation (NYSE: AT) announced that its shareholders approved a significant acquisition deal at a special meeting. Common shareholders voted 87% in favor to sell common shares for US$3.03 each, while preferred shareholders approved their shares at C$22.00 each. The transaction will proceed without the approval of holders of 6.00% Series E convertible debentures due January 2025, as they did not meet the required voting threshold. The company expects the transaction to close in the second quarter of 2021, subject to regulatory approvals and customary conditions.
Atlantic Power Corporation (NYSE: AT) announced that the Federal Energy Regulatory Commission approved its proposed Transaction with affiliates of I Squared Capital Advisors on April 2, 2021. Under the plan, shareholders will receive US$3.03 per share in cash. The Transaction is pending approval from shareholders, court, and customary closing conditions. Atlantic Power operates power generation assets across the U.S. and Canada, selling electricity under long-term contracts with diversified projects. For more details, visit atlanticpower.com.
Atlantic Power Corporation (NYSE: AT) announced a new agreement on March 31, 2021 to sell capacity from its Oxnard plant for two additional years, from January 1, 2022 to December 31, 2023. The 49 MW gas-fired plant will continue under a Resource Adequacy agreement, providing fixed monthly capacity payments and potential revenue from energy sales. The new capacity payment is modestly higher than 2021. The Company anticipates a similar level of Project Adjusted EBITDA for 2022 and 2023 as in 2021.
