Atlantic Power Corporation Announces Substantial Issuer Bid for up to US$25 Million of its Common Shares
ATLANTIC POWER CORP (AT)
Last atlantic power corp earnings: 2/27 05:13 pm
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US:NYSE Investor Relations:
investors.atlanticpower.com
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Source: PR Newswire
DEDHAM, Mass., March 25, 2020 /PRNewswire/ -- Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") announced today that it has commenced a substantial issuer bid (the "Offer") to purchase from the holders of the common shares of the Company (together with the purchase rights associated with such common shares, the "Common Shares") up to US$25 million of the Common Shares. The Offer is for up to 12,820,512 Common Shares, or approximately 12% of the Company's total issued and outstanding Common Shares, if the purchase price is determined to be US$1.95 (which is the minimum price per Common Share under the Offer).Background and Rationale for the OfferSince 2015, the Company has utilized a series of normal course issuer bids to repurchase its securities, when doing so has been accretive to management's estimates of intrinsic value per share. During that period, the Company has strengthened its financial position, reducing debt, interest payments and overhea
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