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Atlantic Power Corporation Announces Closing Of Concurrent Public Offerings Of Common Shares And Convertible Unsecured Subordinated Debentures

Stocks in this article: AT

BOSTON, July 5, 2012 /PRNewswire/ -- Atlantic Power Corporation (NYSE:AT) (TSX:ATP) (the "Company" or "Atlantic Power") announced today the closing of its underwritten public offering of 5,567,177 common shares of the Company ("Common Shares") at a public offering price of US$12.76 per Common Share sold in US dollars and C$13.10 per Common Share sold in Canadian dollars (the "Common Share Offering"). The Company received net proceeds from the Common Share Offering, after deducting the underwriting discounts and expenses, of approximately, US$68.5 million. Morgan Stanley acted as sole bookrunner with respect to the Common Share Offering.

The Company also announced today the closing of its underwritten public offering on a bought deal basis, in each of the provinces and territories of Canada, except Quebec, of US$130 million aggregate principal amount of series C convertible unsecured subordinated debentures (the "Debentures", and the offering of the Debentures, the "Debenture Offering" and, together with the Common Share Offering, the "Offerings"). The Debentures bear interest at a rate of 5.75% per year, and will mature on June 30, 2019, unless earlier redeemed. The Debentures will be convertible into Common Shares at an initial conversion price of US$17.25 per Common Share, being a ratio of approximately 57.9710 Common Shares per US$1,000 principal amount of Debentures. The Company received net proceeds from the Debenture Offering, after deducting the underwriting discounts and expenses, of approximately US$124.0 million. TD Securities acted as sole bookrunner with respect to the Debenture Offering.

The Company intends to use the net proceeds from the Offerings to fund the Company's equity commitment in Canadian Hills Wind Power Development Project, its approximately 300 MW wind energy project under construction in the State of Oklahoma. To the extent that any net proceeds remain thereafter, such net proceeds will be used by the Company to fund additional growth opportunities and for general corporate purposes.

A registration statement related to the Common Share Offering has been declared effective by the U.S. Securities and Exchange Commission (the "SEC"). The Common Share Offering was made solely by means of a prospectus, and the final prospectus has been filed with the SEC in the United States and a supplemented short form PREP prospectus has been filed with the Canadian securities regulators in each of the provinces in Canada other than Prince Edward Island and Quebec. A copy of the U.S. prospectus relating to the Common Share Offering may be obtained for free by visiting the EDGAR database on the SEC's website at www.sec.gov and a copy of the Canadian prospectus relating to the Common Share Offering may be obtained for free by visiting the SEDAR database on the Canadian securities administrators' website at www.sedar.com or upon request from Morgan Stanley & Co. Incorporated, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department, telephone: 866-718-1649 or by e-mail at prospectus@morganstanley.com. 

A registration statement related to the Debenture Offering has been declared effective by the SEC. The Debenture Offering was made solely by means of a prospectus, and the final short form prospectus has been filed with the Canadian securities regulators in each of the provinces and territories of Canada, other than Quebec. A copy of the U.S. prospectus relating to the Debenture Offering may be obtained for free by visiting the EDGAR database on the SEC's website at www.sec.gov and a copy of the Canadian prospectus relating to the Debenture Offering may be obtained for free by visiting the SEDAR database on the Canadian securities administrators' website at www.sedar.com. A copy of the U.S. prospectus relating to the Debenture Offering may be obtained upon request from TD Securities ( USA) LLC, Attn: David Chepauskas (31 West 52nd St., New York, NY 10019, Tel: (212) 827-7392), and a copy of the Canadian prospectus relating to the Debenture Offering may be obtained upon request by contacting TD Securities Inc., Attn: Symcor, NPM (Email: sdcconfirms@td.com, Tel: (289) 360-2009).

This press release does not constitute an offer to sell or a solicitation of an offer to buy and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

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