Atlantic Power Corp. (ATP.TO: Quote) announced that it has priced an underwritten public offering on a bought deal basis, in each of the provinces and territories of Canada, except Quebec, of US$130 million aggregate principal amount of series C convertible unsecured subordinated debentures at a public offering price of US$1,000 per Debenture.
The company said that the Debentures will bear interest at a rate of 5.75% per year, and will mature on June 30, 2019, unless earlier redeemed. The Debentures will be convertible into common shares of the Company at an initial conversion price of US$17.25 per common share, being a ratio of approximately 57.9710 common shares per US$1,000 principal amount of Debentures.
The company estimates that the net proceeds from the offering of the Debentures, after deducting the underwriting discounts and estimated expenses, will be approximately US$124.0 million.
Subject to customary closing conditions, the offering of Debentures is expected to close on July 5, 2012.
The company said it intends to use the net proceeds from the Debenture offering, together with the net proceeds of its concurrent offering of 5.50 million common shares, to fund the Company's equity commitment in Canadian Hills, its about 300 MW wind energy project under construction in the State of Oklahoma. Any remaining net proceeds will be used to fund additional growth opportunities and for general corporate purposes.
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by RTT Staff Writer
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