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Stock Market & Financial Investment News

News Breaks
January 31, 2013
08:05 EDTATAtlantic Power announces agreement to sell three Florida facilities for $136M
Atlantic Power that the company and certain of its subsidiaries have entered into a definitive agreement with Quantum Utility Generation and certain of its affiliates to sell the Company's interests in three Florida projects, Auburndale Power Partners Limited Partners, Lake Cogen, and Pasco Cogen for a purchase price, including working capital adjustments, of approximately $136M. Atlantic Power expects to receive net cash proceeds of approximately $111M in the aggregate, after repayment of project-level debt at Auburndale and settlement of all outstanding natural gas swap agreements at Lake and Auburndale. The company intends to use the net proceeds from the sale to fully repay the Company's senior credit facility, which is expected to have an outstanding balance of approximately $67M at close, and for general corporate purposes. The sale is subject to customary closing conditions and approvals, including approval from the Federal Energy Regulatory Commission, and is expected to close in the first quarter of 2013.
News For AT From The Last 14 Days
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February 9, 2016
19:09 EDTATAtlantic Power backs FY15 project adjusted EBITDA view of $200M-$215M
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19:08 EDTATAtlantic Power reports capital allocation strategy changes, eliminates dividend
Atlantic Power announced changes to its capital allocation strategy designed to create value for shareholders in a tax-efficient manner, while also improving the company's financial flexibility and strengthening its balance sheet. As part of this strategy, the company will prioritize allocation of its discretionary capital to equity and debt repurchases, each under the normal course issuer bid, or NCIB, implemented in December 2015, with a goal of capturing value arising from compelling price-to-value opportunities in its publicly traded securities. In addition, the company has identified additional high-return investments in its existing projects as well as potential repowering projects linked to extensions of power purchase agreements, or PPAs. Investments of this type yielded an average cash return of approximately 26% in 2015. As a result of this redirection of capital to expected higher-return purposes, the board, consistent with management's recommendation, has eliminated the company's common stock dividend, effective immediately. Previously, the company had paid a dividend of C$0.03 per share quarterly, with the most recent payment on December 31, 2015. In conjunction with the elimination of the common stock dividend, the company's dividend reinvestment plan, or DRIP, has been terminated.
February 1, 2016
17:43 EDTATMangrove Partners reports 6.7% stake in Atlantic Power
Mangrove Partners has engaged in and intends to continue to have discussions with the company regarding matters related to the Settlement Agreement announced on May 21, 2015.

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