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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Atlantic Power Corporation Closes $86.25 Million Convertible Debenture Offering

2009

Areas Banking and Finance Law, Corporate and Commercial, Corporate Finance and Securities, Energy Law, Tax

Summary

Goodmans represented Atlantic Power Corporation (Atlantic) in connection with the completion of an offering of 6.25% convertible unsecured subordinated debentures due March 15, 2017 at a price of $1,000 per debenture for total gross proceeds of $75 million. The debentures were sold on a bought deal basis to a syndicate of underwriters led by BMO Nesbitt Burns Inc. and including CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Scotia Capital Inc. and UBS Securities Canada Inc. (the Underwriters).

Atlantic also granted the Underwriters an over-allotment option, exercisable for a period of 30 days following the closing of the offering, to purchase up to an additional 15% of the principal amount of debentures. The Underwriters exercised the over-allotment option in full and purchased additional debentures on December 24, 2009 for gross proceeds of $11.25 million.

On December 18, 2009, approximately $42.9 million of the net proceeds of the offering were used to redeem the outstanding 11% subordinated notes of Atlantic. The remainder of the net proceeds will be available to fund growth opportunities, which may include previously disclosed biomass development projects that are expected to begin construction in 2010, as well as potential asset or business acquisitions that are currently being evaluated by Atlantic, or for general corporate purposes. ?