ATLANTIC POWER CORPORATION (TSE:ATP) Files An 8-K Other Events
Item 8.01.
Previously, on December 2, 2019, Atlantic Power Corporation (“Atlantic Power” or the “Company”) and Atlantic Power Preferred Equity Ltd. (“Preferred Equity”) announced the dividend rate reset for Preferred Equity’s outstanding Cumulative Rate Reset Preferred Shares, Series 2 (the “Series 2 Shares”) and the dividend rate on Preferred Equity’s outstanding Cumulative Floating Rate Preferred Shares, Series 3 (the “Series 3 Shares”), effective on December 31, 2019.
The rate reset for the Series 2 shares, announced on December 2, 2019 (the “Fixed Dividend Rate”), was calculated on November 29, 2019 to be 5.67%, representing the sum of the Canadian Government five-year bond yield of 1.49% plus 4.18%. On December 5, 2019, the Company issued a Press Release (the “Press Release”) announcing the Fixed Dividend Rate announced on December 2, 2019 has been revised based on a calculation as of December 2, 2019 to be 5.739%, representing the sum of the Canadian Government five-year bond yield of 1.559% plus 4.18%. Such Fixed Dividend Rate will commence with the March 31, 2020 dividend payment to the holders of the Series 2 Shares and continue through the December 31, 2024 dividend payment to the holders of the Series 2 Shares, at which time such Fixed Dividend Rate will again be reset.
The dividend rate for the Series 3 Shares, announced on December 2, 2019, using a floating dividend rate (the “Floating Dividend Rate”), was calculated to be 5.83%, representing the sum of the Canadian Government 90-day Treasury Bill yield (using the three-month average result of 1.65%) plus 4.18%. This Floating Dividend Rate announced on December 2, 2019 remains unchanged. Such Floating Dividend Rate will be effective with the March 31, 2020 dividend payment to the holders of the Series 3 Shares. The Floating Dividend Rate will be reset each quarter.
A copy of the Press Release is included as Exhibit 99.1 hereto and is incorporated by reference herein.
(d) Exhibits
| Description | |
| 99.1 | Press Release of Atlantic Power Corporation, dated December 5, 2019. |
ATLANTIC POWER CORP Exhibit
EX-99.1 2 tm1924594d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Atlantic Power Corporation and Atlantic Power Preferred Equity Ltd. Announce Revised Dividend Rate on Cumulative Rate Reset Preferred Shares,…
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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.
