Atlantic Power Corporation's $65 Million Tender Offer

July 22, 2016

Cleary Gottlieb acted as U.S. counsel to Atlantic Power Corporation in a cross-border issuer cash tender offer to purchase up to $65 million aggregate principal amount of its 5.75 percent Series C convertible unsecured subordinated debentures due June 2019.

The tender offer launched on June 16, 2016, and expired on July 22, 2016. Approximately $63 million aggregate principal amount of debentures were tendered in the offer. 

The offer was made pursuant to U.S. securities laws and the Canadian Substantial Issuer Bid requirements. The purpose of the tender offer was to retire a portion of the debentures prior to their maturity in order to lower Atlantic Power’s interest expense.

Atlantic Power, a British Columbia corporation, owns and operates a diverse fleet of power-generation assets in the United States and Canada. The company’s current portfolio consists of interests in 23 operational power-generation projects across nine states in the U.S. and two provinces in Canada.