ATLANTIC POWER CORPORATION (TSE:ATP) Files An 8-K Other Events

ME Staff 8-k
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ATLANTIC POWER CORPORATION (TSE:ATP) Files An 8-K Other Events

ATLANTIC POWER CORPORATION (TSE:ATP) Files An 8-K Other Events
Item 8.01. Other Events.

On November 14, 2019, Atlantic Power Corporation issued a press release (the “Press Release”) announcing the dividend rate reset for the preferred shares of Atlantic Power Preferred Equity Ltd. (“Preferred Equity”).

The dividend rate on Preferred Equity’s outstanding Cumulative Rate Reset Preferred Shares, Series 2 (the “Series 2 Shares”), will be reset on December 31, 2019, using a fixed dividend rate to be calculated on November 29, 2019, representing the sum of the Canadian Government five-year bond yield plus 4.18%. Such dividend rate will commence with the March 31, 2020 dividend payment to the holders of the Series 2 Shares and will continue through the December 31, 2024 dividend payment.

The dividend rate on Preferred Equity’s outstanding Cumulative Floating Rate Preferred Shares, Series 3 (the “Series 3 Shares”), will be reset on December 31, 2019, using a floating dividend rate calculated on November 29, 2019, representing the sum of the Canadian Government 90-day Treasury Bill yield (using the three-month average result) plus 4.18%. Such dividend rate will be effective with the March 31, 2020 dividend payment to the holders of the Series 3 Shares. The Series 3 Shares dividend rate is reset each quarter.

On December 31, 2019 and again on December 31 of every fifth year thereafter (to the extent the Series 2 Shares or Series 3 Shares, as the case may be, are still outstanding), the holders of Series 2 Shares have the right to convert their Series 2 Shares, on a one-for-one basis, into Series 3 Shares and the holders of Series 3 Shares have the right to convert their Series 3 Shares, on a one-for-one basis, into Series 2 Shares. In certain circumstances, the Series 2 Shares will be subject to automatic conversion into Series 3 Shares and the Series 3 Shares will be subject to automatic conversion into Series 2 Shares, as described in the Press Release. A copy of the Press Release is included as Exhibit 99.1 hereto and is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

ATLANTIC POWER CORP Exhibit
EX-99.1 2 a19-22731_1ex99d1.htm EX-99.1 Exhibit 99.1     Atlantic Power Corporation and Atlantic Power Preferred Equity Ltd. Announce Dividend Rate Reset on Cumulative Rate Reset Preferred Shares,…
To view the full exhibit click here

About ATLANTIC POWER CORPORATION (TSE:ATP)

Atlantic Power Corporation (Atlantic Power) owns and operates a fleet of power generation assets in the United States and Canada. The Company’s power generation projects sell electricity to utilities and other commercial customers primarily under long-term power purchase agreements (PPAs). Atlantic Power operates through four segments: East U.S., West U.S., Canada and Un-Allocated Corporate. Atlantic Power’s power generation projects in operation have an aggregate gross electric generation capacity of approximately 2,140 megawatts (MW), in which its aggregate ownership interest is approximately 1,500 MW. The Company’s portfolio consists of interests in approximately 20 operational power generation projects across over nine states in the United States and approximately two provinces in Canada. The Company’s power generation projects are primarily located in California, the United States Mid-Atlantic, New York and the provinces of Ontario and British Columbia.