This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Atlantic Power Corporation Announces The Completed Sale Of Three Florida Facilities And Provides An Update On Other Asset Sales

BOSTON, April 15, 2013 /PRNewswire/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") today announced the closing of its previously announced sale of the Company's interests in three Florida projects (the "Florida Project Sale"), Auburndale Power Partners Limited Partners (" Auburndale"), Lake Cogen, Ltd. (" Lake"), and Pasco Cogen, Ltd. for a purchase price, including working capital adjustments, of approximately $140 million.  After repayment of project-level debt at Auburndale and settlement of all outstanding natural gas swap agreements at Lake and Auburndale, net cash proceeds to Atlantic Power from the Florida Project Sale were approximately $117 million.  This includes $92 million received at closing and cash distributions from the projects of approximately $25 million received since January 1, 2013.  The Company expects to use the net proceeds from the Florida Project Sale to fully repay the Company's senior credit facility, which has an outstanding balance of approximately $64 million, and the remainder will be held for general corporate purposes, including future accretive growth opportunities.  All figures are in US$ unless stated otherwise.

Update on Other Asset Sales

In April, the Company, along with its partners, entered into a purchase and sale agreement to sell its 17% interest in the Gregory project in Texas (" Gregory") for gross proceeds of approximately $244 million (the "Gregory Sale").  The Company's share of the Gregory Sale proceeds, net of project debt repayment, working capital adjustments and transaction expenses, is expected to be approximately $33 million.  Closing of the Gregory Sale is subject to customary closing conditions and regulatory and other approvals and is expected to occur in the third quarter of 2013.  Project Adjusted EBITDA attributable to Gregory and included in the Company's 2013 guidance provided in the Company's February 28th earnings release and on the March 1st conference call is less than $2 million.  The Company has not provided a reconciliation of forward-looking non-GAAP measures, due primarily to variability and difficulty in making accurate forecasts and projects, as not all of the information necessary for a quantitative reconciliation is available to the Company without unreasonable efforts.    

Separately, as previously announced, in March 2013, the Company entered into a purchase and sale agreement to sell its 100% interest in the Path 15 transmission line in California ("Path 15"). The Company has received regulatory approvals for and expects to close the sale of Path 15 (the "Path 15 Sale") at the end of April 2013.  Net cash proceeds from the Path 15 Sale, including working capital adjustments, are expected to be approximately $55 million.  All project level debt issued by Path 15, totaling $137 million as of December 31, 2012, will transfer to the purchaser with the Path 15 Sale.  The Path 15 Sale is subject to customary closing conditions. Project Adjusted EBITDA attributable to Path 15 was excluded from the Company's 2013 EBITDA guidance as it is an asset held for sale.       

The Company intends to use the net proceeds from the Gregory Sale and the Path 15 Sale for general corporate purposes and to invest in future accretive growth opportunities. 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs