trending Market Intelligence /marketintelligence/en/news-insights/trending/X3Z2EvaJ0bPUzB_B1VERzA2 content esgSubNav
In This List

Atlantic Power, subsidiary to repurchase securities

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud

Blog

Using ESG Analysis to Support a Sustainable Future

Research

US utility commissioners: Who they are and how they impact regulation

Blog

Q&A: Datacenters: Energy Hogs or Sustainability Helpers?


Atlantic Power, subsidiary to repurchase securities

Atlantic Power Corp. and its Atlantic Power Preferred Equity Ltd. subsidiary received approval from the Toronto Stock Exchange to repurchase certain securities under their normal course issuer bids through a predefined automatic securities purchase plan with their broker.

The repurchase plan covers Atlantic Power's common shares; US$42.5 million of 5.75% series C convertible unsecured subordinated debentures due June 30, 2019; C$81.0 million of 6% series D extendible convertible unsecured subordinated debentures due Dec. 31, 2019; Atlantic Power Preferred Equity's 4.85% cumulative redeemable preferred shares, series 1; cumulative rate reset preferred shares, series 2; and cumulative floating rate preferred shares, series 3.

As of Dec. 15, Atlantic Power had outstanding US$42.5 million principal amount of the series C debentures, C$81.0 million of the series D debentures and 115,211,976 common shares, while Atlantic Power Preferred Equity had 4.75 million outstanding series 1 preferred shares, 2,338,094 series 2 preferred shares and 1,661,906 series 3 preferred shares.

The broker, RBC Capital Markets, may only purchase up to 10% of the public float of Atlantic Power's securities and up to 5% of the amount issued and outstanding of Atlantic Power Preferred Equity preferred shares.

The automatic securities purchase plan will commence Dec. 29. The normal course issuer bids will expire Dec. 28, 2018, or at an earlier date when the companies complete their respective purchases.