Atlantic Power Corp. will redeem on March 7 C$56.2 million out of C$81 million of its outstanding 6.00% series D extendable convertible unsecured subordinated debentures.

Holders will receive C$1,011 for each C$1,000 principal amount of the debentures, plus accrued interest as of the redemption date. The securities mature on Dec. 31, 2019.

The record date for the partial redemption has been set as the close of business on March 6 and the Series D debentures will commence trading on the Toronto Stock Exchange on a post-redemption basis as of the opening of business on March 5.

Additionally, Atlantic Power will redeem all of the outstanding US$42.5 million of its 5.75% series C convertible unsecured subordinated debentures on March 5. The debentures mature on June 30, 2019.

Atlantic Power issued a redemption notice on Feb. 2.