Atlantic Power to pay down revolver borrowings with notes proceeds

By Sara Rosenberg

New York, Oct. 17 - Atlantic Power Corp. plans on repaying debt under its revolving credit facility using proceeds from a $460 million senior notes offering, according to a market source.

Remaining proceeds will be used to fund part of the cash portion of the acquisition of Capital Power Income LP for C$19.40 in cash, or 1.3 Atlantic Power common shares, and for general corporate purposes.

Closing on the acquisition is expected in early November, subject to the receipt of all necessary court and regulatory approvals in Canada and the United States and certain other closing conditions.

Atlantic Power is a Boston-based power producer. Capital Power is an Edmonton, Alta.-based income fund with power generation assets in Canada and the United States.

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