Atlantic Power Corp. and Atlantic Power Preferred Equity Ltd. secured the approval of the Toronto Stock Exchange to repurchase securities under their normal course issuer bids through a predefined automatic securities purchase plan with their broker.
The normal course issuer bid covers C$115 million of Atlantic Power's 6.0% series E convertible unsecured subordinated debentures due Jan. 31, 2025; Atlantic Power's common shares; and 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.
The broker, RBC Capital Markets, may only purchase up to 10% of the public float of Atlantic Power's convertible debentures and common shares and up to 10% of the public float of Atlantic Power Preferred Equity's preferred shares.
The companies plan to start their normal course issuer bids Dec. 31. The bids will expire Dec. 30, 2020, or at an earlier date when the companies complete their respective purchases.