Atlantic Power completes $115M debenture offering

On January 29, 2018, Atlantic Power Corp. completed an offering on a bought-deal basis of $100-million aggregate principal amount of 6.00-per-cent convertible unsecured subordinated debentures due January 31, 2025, at a price of $1,000 per debenture. The offering was underwritten by a syndicate of underwriters led by RBC Capital Markets and including National Bank Financial Markets, TD Securities, BMO Capital Markets, Industrial Alliance Securities Inc., CIBC Capital Markets, Scotiabank and MUFG.

On February 2, 2018, Atlantic Power closed the sale of an additional $15-million aggregate principal amount of such debentures, representing the full exercise of the underwriters’ over-allotment option.

Atlantic Power was represented in-house by Jeff Levy and Jarvis Coffin and externally in Canada by Goodmans LLP, with a team including William Gorman, Emily Ting, Dennis Beker and Ledya Yohannes (corporate/securities) and Jon Northup and Ken Saddington (tax). Cleary Gottlieb Steen & Hamilton LLP served as US counsel to Atlantic Power with a team including Craig Brod, Pam Marcogliese, Elizabeth Chang, Arisa Manawapat and Matthew Muntean (corporate/securities) and Bill McRae, Kylie Barza and Nawal Maalouf (tax).

The underwriters were represented in Canada by Blake, Cassels & Graydon LLP, with a team including Richard Turner, Brendan Reay, Stefania Zilinskas and Jonathan York (securities) and Chris Van Loan and Casey Richardson-Scott (tax); and in the US by Paul, Weiss, Rifkind, Wharton & Garrison LLP, with a team including Christopher Cummings, Stephen Centa, Harrison Cruikshank and Thea Winterton-Perks (corporate/securities) and David Mayo (tax).