Goldman Sachs Lending Partners served as administrative and collateral agent for an amendment to Atlantic Power’s senior secured revolving credit facility, according to a related 8K filed with the SEC.

The amendment provides for an extension of the revolver maturity date to April 2025 and reduces the revolver capacity from $200 million to $180 million. The extension of the revolver coincides with the maturity date of the company’s senior secured term loan. Both the revolver and the term loan are at the company’s APLP Holdings Limited Partnership subsidiary.

“We are pleased to have extended our revolver maturity by three years to coincide with the recent extension of our term loan maturity date. The revolver extension, together with our cash position, provides us with strong liquidity through April 2025,” Terrence Ronan, executive vice president and CFO of Atlantic Power, said. “To date the primary use of the revolver has been to support letters of credit, the need for which will be reduced following the sale of our Manchief plant in 2022. The balance of the revolver is available for other purposes such as asset acquisitions.”

The amendment allows for an upsizing of the revolver capacity by up to $30 million, to a maximum aggregate amount of $210 million, subject to approval of the two letter of credit issuer banks and increased commitments by existing or new lenders.

The pricing of the term loan and revolver was reduced to 250 basis points over LIBOR effective January 31, 2020.

“Today job one is to ensure the safety and health of our employees while continuing to generate electric power for our customers. Our people and our plants are performing terrifically in these tough times,” James J. Moore, Jr., president and CEO of Atlantic Power, said. “On the financial front, the actions that we have taken over the past several years to reduce costs and repay debt enable Atlantic Power to withstand difficult environments, in the power markets or more broadly. The extension of our revolver to match the recent extension of our term loan maturity is a good outcome for us.”

Atlantic Power is an independent power producer that owns power generation assets in 11 states in the United States and two provinces in Canada.