Atlantic Power Corporation Announces Entry by Atlantic Power Limited
Partnership into New Senior Secured Credit Facilities
BOSTON, Feb. 24, 2014
BOSTON, Feb. 24, 2014 /PRNewswire/ --Atlantic Power Corporation (TSX: ATP;
NYSE: AT) (the "Company"), today announced that Atlantic Power Limited
Partnership ("APLP"), a wholly-owned indirect subsidiary of the Company,
entered into new senior secured credit facilities, comprising $600 million in
aggregate principal amount of senior secured term loan facilities and $210
million in aggregate principal amount of senior secured revolving credit
facilities (collectively, the "new senior secured credit facilities"). The
Company previously announced the launch of the syndication of the new senior
secured credit facilities in the Company's Current Report on Form 8-K filed
with the Securities and Exchange Commission on January 30, 2014, and the press
release referred to therein (the "Previous Announcement"). Subject to
satisfaction of customary conditions precedent, the Company expects that the
closing of the new senior secured credit facilities and the funding thereunder
will occur on or about February 26, 2014. The Company and its subsidiaries
expect to use the proceeds of the senior secured term loan facilities and the
extensions of credit available under the senior secured revolving credit
facilities for various purposes, as described in the Previous Announcement.
Loans, letters of credit, and other extensions of credit under the senior
secured credit facilities will be available to the company in either U.S.
dollars or Canadian dollars, and will bear interest at the Adjusted Eurodollar
Rate (as defined in the credit agreement governing the new senior secured
credit facilities) plus a margin of 3.75%.
Cautionary Note Regarding Forward-looking Statements
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").
Certain statements in this news release may constitute "forward-looking
statements", which reflect the expectations of management regarding the future
growth, results of operations, performance and business prospects and
opportunities of our Company and our projects. These statements, which are
based on certain assumptions and describe our future plans, strategies and
expectations, can generally be identified by the use of the words "may,"
"will," "project," "continue," "believe," "intend," "anticipate," "expect" or
similar expressions that are predictions of or indicate future events or
trends and which do not relate solely to present or historical matters.
Examples of such statements in this news release include, but are not limited
to, statements regarding the anticipated timing of closing and funding of the
new senior secured credit facilities, and the expected use of proceeds
Forward-looking statements involve significant risks and uncertainties, should
not be read as guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not or the times at or by
which such performance or results will be achieved. Please refer to the
factors discussed under "Risk Factors" in the Company's periodic reports as
filed with the Securities and Exchange Commission from time to time for a
detailed discussion of the risks and uncertainties affecting our Company.
Although the forward-looking statements contained in this news release are
based upon what are believed to be reasonable assumptions, investors cannot be
assured that actual results will be consistent with these forward-looking
statements, and the differences may be material. These forward-looking
statements are made as of the date of this news release and, except as
expressly required by applicable law, the Company assumes no obligation to
update or revise them to reflect new events or circumstances.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power generation assets in
the United States and Canada. Atlantic Power's power generation projects sell
electricity to utilities and other large commercial customers largely under
long-term power purchase agreements, which seek to minimize exposure to
changes in commodity prices. Its power generation projects in operation have
an aggregate gross electric generation capacity of approximately 2,948 MW in
which its aggregate ownership interest is approximately 2,026 netMW. Its
current portfolio consists of interests in twenty-eight operational power
generation projects across eleven states in the United States and two
provinces in Canada.
Atlantic Power has a market capitalization of approximately $310 million and
trades on the New York Stock Exchange under the symbol AT and on the Toronto
Stock Exchange under the symbol ATP. For more information, please visit the
Company's website at www.atlanticpower.com or contact:
Atlantic Power Corporation Amanda Wagemaker, Investor Relations (617) 977-2700
Copies of financial data and other publicly filed documents are filed on SEDAR
at www.sedar.com or on EDGAR at www.sec.gov/edgar.shtml under "Atlantic Power
Corporation" or on the Company's website.
SOURCE Atlantic Power Corporation
Press spacebar to pause and continue. Press esc to stop.