Atlantic Power Corp. and Atlantic Power Preferred Equity Ltd. plan 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$42.6 million of 5.75% series C convertible unsecured subordinated debentures due June 30, 2019; C$81 million of 6.0% 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$42.6 million principal amount of the series C debentures; C$81.0 million of the series D debentures; and 114,649,888 common shares, while Atlantic Power Preferred Equity had outstanding 5,000,000 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, 2016, and will expire Dec. 28, 2017, or at an earlier date when the companies complete their respective purchases.