Atlantic Power announces the closing of its previously announced transaction with affiliates of infrastructure funds managed by I Squared Capital.
Last January, the American investor and the company agreed on a $961 million buyout.
I Squared Capital acquires Atlantic Power for $961 Million
U.S.-based investment firm I Squared Capital signed an agreement in January to acquire independent power producer Atlantic Power, for a total enterprise value of $961 million.
All Atlantic Power common shares were acquired for $3.03 per share.
All the company’s preferred shares were acquired for $22 per share.
Atlantic Power Limited Partnership ‘s 5.95% medium-term bills due June 23, 2036 were redeemed for a consideration equal to 106.071% of their outstanding principal amount.
Plus accrued and unpaid interest to but excluding the closing date of the transaction.
Special situation for convertible debentures
Holders of convertible unsecured debentures who converted them between April 30 and May 11, 2021 participated in the transaction as holders of common shares, and will receive $3.03 per share.
In addition, all convertible debentures remaining outstanding after the expiry of the full conversion period will continue to receive interest at 6% per annum.
Payable semi-annually in arrears up to but excluding the redemption date of the convertible debentures at par on January 31, 2023.
