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

ME Staff 8-k

7 years ago

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

On January22, 2018, Atlantic Power Corporation (the “Company”) issued a press release announcing it has priced an underwritten public offering on a bought deal basis of Cdn$70 million aggregate principal amount of 6.00% SeriesE Convertible Unsecured Subordinated Debentures (the “Debentures”). The Debentures will have a maturity date of January31, 2025. The full text of the press release issued in connection with the announcement is filed herewith as Exhibit99.1 to this Current Report on Form8-K and is incorporated by reference herein. In connection with the anticipated closing of the offering, the Company will file an additional Current Report on Form8-K.

This Current Report on Form8-K shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

In connection with the offering of the Debentures, the Company filed a preliminary prospectus supplement dated January22, 2018 to the base prospectus dated December19, 2017 relating to the Company’s shelf registration statement on FormS-3 (File No.333-221903). In such preliminary prospectus supplement, the Company disclosed that in the fourth quarter of 2017, the Company successfully negotiated a one year extension to the Electricity Purchase Agreement dated June30, 1990 between British Columbia Hydro and Power Authority, and NW Energy (Williams Lake) Corp., as assigned to NW Energy (Williams Lake) Limited Partnership as of April26, 1991 and further assigned to Atlantic Power Preferred Equity,Ltd. as of November2, 2011, and as amended by agreements dated April25, 1991 and October18, 1999 (the “PPA”). As a result of this extension, the PPA at Williams Lake will expire on June30, 2019. The Company determined that the renegotiation of the PPA triggered an event-driven review of the long-lived assets at the Williams Lake project for impairment. The Company is also in the process of conducting its annual long-lived assets and goodwill impairment test at its Curtis Palmer and Frederickson reporting units with respect to the fourth quarter of 2017. While the results of these impairment tests are not yet final, management currently anticipates recording a non-cash impairment charge, which is currently estimated to be in the aggregate approximately US$70 million, in our fourth quarter and full year 2017 financial results. Such estimated impairment charge is subject to adjustment in connection with the finalization of our 2017 audited financial statements.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits

ExhibitNumber	Description
99.1	Press Release of Atlantic Power Corporation, dated January22, 2018.

ATLANTIC POWER CORP ExhibitEX-99.1 2 a18-2556_4ex99d1.htm EX-99.1 Exhibit 99.1 Atlantic Power Corporation Announces Cdn$70 Million Offering of Convertible Unsecured Subordinated Debentures DEDHAM,…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.