Daily News: January 31, 2014

Goldman, BofA Arrange Atlantic Power Facilities


Atlantic Power announced that, as part of plans to address upcoming debt maturities and improve its financial flexibility, Atlantic Power Limited Partnership (APLP), a wholly owned indirect subsidiary, launched the syndication of new senior-secured credit facilities, comprising up to $600 million in aggregate principal amount of senior-secured term loan facilities and up to $200 million in aggregate principal amount of senior-secured revolving credit facilities.

The company and its subsidiaries expect to use the new credit facilities to: replace an existing $150 million senior-secured revolving credit facility, fund the optional prepayment or redemption of certain outstanding debt securities issued by subsidiaries, provide for ongoing working capital needs of APLP and its subsidiaries, support APLP’s and its subsidiaries’ collateral support obligations to contract counterparties, provide for general corporate purposes of APLP and its subsidiaries; provide for ongoing working capital needs, general corporate purposes, and collateral support obligations to contract counterparties of Atlantic Power Generation (APGI), another wholly-owned subsidiary of the Company; fund a debt service reserve and pay transaction costs and expenses; and (upon closing) make a distribution to the company from remaining proceeds of the term loans.

The company appointed Goldman Sachs Lending Partners LLC and Bank of America as joint lead arrangers for the new credit facilities.

Atlantic Power owns and operates a diverse fleet of power generation assets in the United States and Canada.

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