BOSTON, Feb. 24, 2014 /CNW/ - Atlantic Power Corporation (TSX: ATP; NYSE: AT) (the "Company"), today announced that Atlantic Power Limited Partnership ("APLP"), a wholly-owned indirect subsidiary of the Company, entered into new senior secured credit facilities, comprising $600 million in aggregate principal amount of senior secured term loan facilities and $210 million in aggregate principal amount of senior secured revolving credit facilities (collectively, the "new senior secured credit facilities"). The Company previously announced the launch of the syndication of the new senior secured credit facilities in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on January 30, 2014, and the press release referred to therein (the "Previous Announcement"). Subject to satisfaction of customary conditions precedent, the Company expects that the closing of the new senior secured credit facilities and the funding thereunder will occur on or about February 26, 2014. The Company and its subsidiaries expect to use the proceeds of the senior secured term loan facilities and the extensions of credit available under the senior secured revolving credit facilities for various purposes, as described in the Previous Announcement.
Loans, letters of credit, and other extensions of credit under the senior secured credit facilities will be available to the company in either U.S. dollars or Canadian dollars, and will bear interest at the Adjusted Eurodollar Rate (as defined in the credit agreement governing the new senior secured credit facilities) plus a margin of 3.75%.
Cautionary Note Regarding Forward-looking Statements
To the extent any statements made in this news release contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and under Canadian securities law (collectively, "forward-looking statements").
Certain statements in this news release may constitute "forward-looking statements", which reflect the expectations of management regarding the future growth, results of operations, performance and business prospects and opportunities of our Company and our projects. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words "may," "will," "project," "continue," "believe," "intend," "anticipate," "expect" or similar expressions that are predictions of or indicate future events or trends and which do not relate solely to present or historical matters. Examples of such statements in this news release include, but are not limited to, statements regarding the anticipated timing of closing and funding of the new senior secured credit facilities, and the expected use of proceeds therefrom.
Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not or the times at or by which such performance or results will be achieved. Please refer to the factors discussed under "Risk Factors" in the Company's periodic reports as filed with the Securities and Exchange Commission from time to time for a detailed discussion of the risks and uncertainties affecting our Company. Although the forward-looking statements contained in this news release are based upon what are believed to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material. These forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power generation assets in the United States and Canada. Atlantic Power's power generation projects sell electricity to utilities and other large commercial customers largely under long-term power purchase agreements, which seek to minimize exposure to changes in commodity prices. Its power generation projects in operation have an aggregate gross electric generation capacity of approximately 2,948 MW in which its aggregate ownership interest is approximately 2,026 net MW. Its current portfolio consists of interests in twenty-eight operational power generation projects across eleven states in the United States and two provinces in Canada.
Atlantic Power has a market capitalization of approximately $310 million and trades on the New York Stock Exchange under the symbol AT and on the Toronto Stock Exchange under the symbol ATP. For more information, please visit the Company's website at www.atlanticpower.com or contact:
Atlantic Power Corporation Amanda Wagemaker, Investor Relations (617) 977-2700 [email protected]
SOURCE: Atlantic Power Corporation
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