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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.
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April 9, 2015
08:02 EDTATAtlantic Power announces relocation, updates cost reduction efforts
Atlantic Power announced the relocation of its headquarters from the Financial District in Boston to Dedham, Massachusetts as part of its ongoing efforts to reduce corporate and other overhead costs. The relocation will occur later this month. The company also provided the following update on its cost reduction efforts: The relocation to Dedham will result in a reduction in annual rental expense for its headquarters of nearly 50%. The company is in the process of closing its offices in Seattle, Portland and outside of Chicago. In addition, the company will be reducing the size of its Toronto office. Including staff associated with its wind assets, which are being sold, the corporate staff will be reduced by 25% this year and by more than 50% from 2013. The company now expects that total corporate general and administrative expense of $38M in 2015 will be reduced to $28M in 2016 as a result of these and other cost reduction efforts. This represents an expected cumulative reduction of approximately 48% from 2013.

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