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As filed with the Securities and Exchange Commission on August 12 , 2020
Registration No. 333-     
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ATLANTIC POWER CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
British Columbia, Canada
(State or Other Jurisdiction of
Incorporation or Organization)
4900
(Primary Standard Industrial
Classification Code Number)
55-0886410
(I.R.S. Employer
Identification Number)
3 Allied Drive, Suite 155
Dedham, Massachusetts 02026
(617) 977-2400
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)
Jeffrey S. Levy
Senior Vice President, General Counsel, and Corporate Secretary
Atlantic Power Corporation
3 Allied Drive, Suite 155
Dedham, Massachusetts 02026
(617) 977-2400
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)
Copies to:
Craig B. Brod
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, New York 10006
(212) 225-2000
William Gorman
Goodmans LLP
Bay Adelaide Centre-West Tower
333 Bay Street, Suite 3400
Toronto, Ontario M5H 2S7
(416) 979-2211
Approximate date of commencement of proposed sale to the public:
From time to time after the effective date of this registration statement.
If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective statement for the same offering. ☐

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If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☒
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act ☐
CALCULATION OF REGISTRATION FEE
Title of Each Class of Securities
to be Registered
Amount to be
Registered/Proposed
Maximum Offering
Price per Unit/Proposed
Maximum Aggregate
Offering Price(1)
Amount of
Registration Fee(2)
Common Shares, no par value per share
Debt Securities
Warrants
Units
Subscription Receipts
Total
$ 250,000,000 $ 32,450(3)
(1)
As permitted by General Instruction II.D of Form S-3 under the Securities Act of 1933, as amended (the “Securities Act”), the amount to be registered and the proposed maximum offering price per unit are not specified as to each class of securities to be registered. The proposed maximum aggregate offering price of all securities issued pursuant to this registration statement shall not exceed $250,000,000 in U.S. dollars or the equivalent at the time of offering in Canadian dollars, as applicable. Separate consideration may or may not be received for securities that are issuable upon conversion, redemption, exchange, exercise or settlement of the other securities registered hereunder.
(2)
Estimated solely for the purpose of computing the registration fee pursuant to Rule 457(o) under the Securities Act.
(3)
Pursuant to Rule 457(p) under the Securities Act, a registration fee of $31,125 was paid with respect to securities available for issuance under a Registration Statement on Form S-3 (Registration No. 333-221903) initially filed by the registrant on December 5, 2017 and declared effective on December 18, 2017 (the “Prior Registration Statement”). Pursuant to Rule 457(p), $18,675 is presently available for offset. $18,675 of the $32,450 registration fee associated with this registration statement is hereby offset against the prepaid registration fees made in connection with the securities available for issuance under the Prior Registration Statement. Pursuant to Rule 415(a)(6), the offering of the unsold securities registered under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this registration statement.
THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVENESS UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933, AS AMENDED, OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.

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EXPLANATORY NOTE
This registration statement contains two forms of prospectus: one to be used in connection with offerings of the securities described herein in the United States, which we refer to as the “U.S. Prospectus,” and one to be used in connection with offerings of such securities in Canada, which we refer to as the “Canadian Prospectus.” The U.S. Prospectus and the Canadian Prospectus are substantially identical, except for the cover page and the table of contents, and except that the Canadian Prospectus includes certain disclosure required by Canadian securities laws and a “Certificate of the Company.” The U.S. Prospectus is included herein and is followed by the alternate and additional pages to be used in the Canadian Prospectus. Each alternate page for the Canadian Prospectus included herein is labeled “Alternate Page for Canadian Prospectus.” Each additional page for the Canadian Prospectus included herein is labeled “Additional Page for Canadian Prospectus.”
 

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This prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED AUGUST 12, 2020
PROSPECTUS
[MISSING IMAGE: LG_ATLANTIC-4C.JPG]
Atlantic Power Corporation
$250,000,000
Common Shares
Debt Securities
Warrants
Subscription Receipts
Units
Atlantic Power Corporation (the “Company”) may offer and issue from time to time, in any combination: (i) common shares of the Company; (ii) debt securities of the Company; (iii) warrants exercisable to acquire common shares and/or other securities of the Company; (iv) subscription receipts exchangeable for common shares and/or other securities of the Company; or (v) securities comprised of one or more of common shares, debt securities, warrants and/or subscription receipts offered together as a unit. We will provide specific terms of the securities which we may offer in supplements to this prospectus. You should read this prospectus and any prospectus supplement carefully before you invest. Securities may be sold for U.S. dollars or Canadian dollars.
Our common shares trade on the Toronto Stock Exchange (the “TSX”) under the symbol “ATP” and on the New York Stock Exchange (the “NYSE”) under the symbol “AT.” The applicable prospectus supplement will contain information, where applicable, regarding the listing of the securities covered by such prospectus supplement.
The securities may be offered directly by us, through agents designated from time to time by us or to or through underwriters or dealers. If any agents, dealers or underwriters are involved in the sale of any of the securities, their names and any applicable purchase price, fee, commission or discount arrangement between or among them will be set forth, or will be calculable from the information set forth, in the applicable prospectus supplement. See the sections entitled “About This Prospectus” and “Plan of Distribution” for more information.
Investing in our securities is speculative and involves risk. See “Risk Factors” on page 4 of this prospectus, in the documents we file with the Securities and Exchange Commission (“SEC”) and as set forth in any applicable prospectus supplement before you make your investment decision.
Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is           , 2020.

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We are responsible for the information contained or incorporated by reference in this prospectus, any applicable prospectus supplement, any applicable free writing prospectus and, for prospective purchasers in Canada, the applicable Canadian prospectus that we prepare or authorize. We have not authorized anyone to provide you with any other information, and we take no responsibility for any other information that others may provide you. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained or incorporated by reference in this prospectus, the applicable prospectus supplement or the applicable Canadian prospectus is accurate as of any date other than the date of the applicable document.
 
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About this Prospectus
This prospectus is part of a shelf registration statement that we have filed with the Securities and Exchange Commission (the “SEC”) using a “shelf” registration process. Under this process, we may sell any combination of the securities described in this prospectus in one or more offerings. This prospectus provides you with a general description of the securities we may offer.
Each time we offer to sell securities, we will provide a supplement to this prospectus that will contain specific information about the terms of that offering. The prospectus supplement will describe the specific terms of that offering. The prospectus supplement may also add to, update or change the information contained in this prospectus. Please carefully read this prospectus and the applicable prospectus supplement together with the information contained in the documents we refer to under the heading “Where You Can Find More Information.”
As used in this prospectus, the terms “Atlantic Power,” the “Company,” “we,” “our” and “us” refer to Atlantic Power Corporation, together with those entities owned or controlled by Atlantic Power Corporation, unless the context indicates otherwise. Unless otherwise noted, all references to “C$,” “Cdn$” and “Canadian dollars” are to the lawful currency of Canada and all references to “$,” “US$” and “U.S. dollars” are to the lawful currency of the United States. This prospectus includes our trademarks and other trade names identified herein. All other trademarks and trade names appearing in this prospectus are the property of their respective holders.
Where You Can Find More Information
We file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are also available to the public from the SEC’s website at http://www.sec.gov and on our website at http://www.atlanticpower.com. Atlantic Power’s SEC file number is 001-34691. We have included the SEC’s web address and our web address as inactive textual references only. Our website is not incorporated into, and does not constitute a part of, this prospectus or any other report or documents we file with or furnish to the SEC.
The SEC allows us to incorporate by reference the information we file with it, which means that we can disclose important information to you by referring you to these documents. The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. Information that is furnished, rather than filed, on our Current Reports on Form 8-K is not incorporated by reference in this registration statement and prospectus. We incorporate by reference the documents listed below, filings that we will make after the date of filing the initial registration statement and prior to the effectiveness of the registration statement and any future filings made by us with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):

our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 27, 2020;

our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on May 7, 2020;

our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the SEC on August 6, 2020;

our annual Proxy Statement on Schedule 14A relating to our annual meeting of shareholders, filed with the SEC on April 28, 2020;

our Current Reports on Form 8-K filed with the SEC on February 3, 2020, March 18, 2020 and June 19, 2020, except, in any such cases, the portions furnished and not filed pursuant to Item 7.01 or otherwise; and

the description of the Company’s common shares contained in the Company’s Registration Statement on Form 10, filed with the SEC on July 21, 2010.
 
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You may request a copy of these filings, any exhibits we have specifically incorporated by reference as an exhibit in this prospectus and our Canadian securities filings at no cost by writing us at Atlantic Power Corporation, 3 Allied Drive, Suite 155, Dedham, Massachusetts 02026, USA, Attention: Corporate Secretary, or by calling us at (617) 977-2400.
Our Company
Atlantic Power, a corporation continued under the laws of British Columbia, Canada, is an independent power producer that owns power generation assets in eleven states in the United States and two provinces in Canada. We were incorporated in 2004 under the laws of Ontario and continued to British Columbia in 2005. Our power generation projects, which are diversified by geography, fuel type, dispatch profile and offtaker, sell electricity to utilities and other large customers predominantly under long-term power purchase agreements (“PPAs”), which seek to minimize exposure to changes in commodity prices.
Our common shares trade on the TSX under the symbol “ATP” and on the NYSE under the symbol “AT.”
Our registered office is located at 215-10451 Shellbridge Way, Richmond, British Columbia, Canada V6X 2W8 and our headquarters is located at 3 Allied Drive, Suite 155, Dedham, Massachusetts 02026 USA. Our telephone number is (617) 977-2400 and the address of our website is www.atlanticpower.com. Our website is included in this prospectus as an inactive textual reference only. Other than specific documents incorporated by reference, information on our website is not incorporated into this prospectus or our other securities filings and does not form a part of this prospectus.
Cautionary Note Regarding Forward-Looking Statements
This prospectus, the applicable prospectus supplement, the documents incorporated by reference in this prospectus, and other written or oral statements made from time to time by the Company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Statements in this prospectus and the documents incorporated by reference herein that are not historical facts are hereby identified as forward-looking statements for the purpose of the safe harbor provided by Section 27A of the Securities Act and Section 21E of the Exchange Act and forward-looking information within the meaning defined under applicable Canadian securities legislation (collectively, “forward-looking statements”).
Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook,” “objective,” “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plans,” “continue,” or similar expressions suggesting future outcomes or events. Examples of such statements include, but are not limited to, statements with respect to the following:·

the impact of COVID-19 on the economy and our operations, including the measures taken by governmental authorities to address it, which may precipitate or exacerbate other risks and/or uncertainties, and the possibility that a resurgence in new cases of COVID-19 might lead to reinstatement of restrictions on individuals and businesses;·

our ability to generate sufficient cash flow to service our debt obligations or implement our business plan, including financing internal or external growth opportunities;·

the outcome or impact of our business strategy to increase our intrinsic value on a per-share basis through disciplined management of our balance sheet and cost structure and internal investments in our fleet, external acquisitions and repurchases of debt, common and preferred securities;·

our ability to renew or enter into new PPAs on favorable terms or at all after the expiration of our current agreements·

our ability to meet the financial covenants under our senior secured term loans and other indebtedness;·

our ability to ensure that our plants operate safely and effectively;·

expectations regarding maintenance and capital expenditures; and
 
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the impact of legislative, regulatory, competitive and technological changes.
Such forward-looking statements reflect our current expectations regarding future events and operating performance and speak only as of the date such statement is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, the Company’s future growth potential, its results of operations, future cash flows, the continued performance and business prospects and opportunities of the Company and its projects, third party projections of regional fuel and electric capacity and energy prices, the completion of certain transactions, the Company’s ability to continue to develop and grow, the Company’s future levels of indebtedness, and the tax laws as currently in effect remaining unchanged and the current general regulatory environment and economic conditions remaining unchanged. Many of these risks and uncertainties can affect our actual results and could cause our actual results to differ materially from those expressed or implied in any forward-looking statement made by us or on our behalf.
Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not or the times at or by which such performance or results will be achieved. In addition, a number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors included in the filings we make from time to time with the SEC and the risk factors listed under “Cautionary Statement Regarding Forward-Looking Information” and described under “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The impact of any one factor on a particular piece of forward-looking information is not determinable with certainty as such factors are interdependent upon other factors, and management’s course of action would depend upon its assessment of the future considering all information then available.
Our business is both highly competitive and subject to various risks. Should any risk factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Unless otherwise indicated, forward-looking information does not take into account the effect that transactions or non-recurring or other special items announced or occurring after the date it is provided may have on the business of the Company. All of the forward-looking information reflected in this prospectus and the documents incorporated by reference herein are qualified by these cautionary statements.
 
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Risk Factors
Investing in our securities is speculative and involves risk. Before making an investment decision with respect to the securities offered by this prospectus, you should carefully consider the risks, uncertainties and additional information (i) set forth in our most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are incorporated by reference into this prospectus, and (ii) contained in any applicable prospectus supplement. For a description of these reports and documents, and information about where you can find them, see “Where You Can Find More Information.” Although we discuss key risks in our periodic reports filed with the SEC and in any applicable prospectus supplement used in connection with an offering of our securities, new risks may emerge in the future, which may prove to be important. Our subsequent filings with the SEC may contain amended and updated discussions of significant risks to our business and financial performance. We cannot predict future risks or estimate the extent to which they may affect our financial performance.
No Market for Debt Securities, Warrants, Subscription Receipts or Units
There is currently no market through which debt securities, warrants, subscription receipts or units that may be offered under this prospectus and any prospectus supplement may be sold, and purchasers of such securities may not be able to resell such securities. No assurance can be given that an active or liquid trading market for the debt securities, warrants, subscription receipts or units will develop or, if developed, that such market will be sustained. This may affect the pricing of the debt securities, warrants, subscription receipts and units in the secondary market, the transparency and availability of trading prices and the liquidity of such securities. The public offering prices of the debt securities, warrants, subscription receipts and units may be determined by negotiation between the Company and underwriters based on several factors and may bear no relationship to prices at which such securities will trade in the public market subsequent to such offering. See “Plan of Distribution.”
Use of Proceeds
Unless otherwise described in an applicable prospectus supplement, we intend to use the net proceeds of any sale of securities offered by this prospectus for working capital and other general corporate purposes, which may include the repayment or refinancing of outstanding indebtedness and the financing of future acquisitions. We will have significant discretion in the use of any net proceeds. The net proceeds may be invested temporarily in interest-bearing accounts and short-term interest-bearing securities until they are used for their stated purpose. We may provide additional information on the use of the net proceeds from the sale of the offered securities in an applicable prospectus supplement relating to the offered securities.
Supplemental Canadian Disclosure
The following information under “Currency and Exchange Information,” “Prior Sales,” “Trading Price and Volume,” “Consolidated Capitalization” and “Earnings Coverage Ratios” is included solely for the purposes of complying with the requirements of applicable securities laws in each of the provinces of Canada in which this prospectus is filed.
Currency and Exchange Rate Information
The business of many of the Company’s power generation projects, described under “Our Company” above, is conducted in major markets in the United States and their revenues and expenses are denominated, earned and incurred primarily in U.S. dollars. The reporting currency used in the Company’s financial statements is U.S. dollars. The following table sets forth, for each period indicated: (i) the high and low average exchange rates during such period; (ii) the average exchange rates for such period; and (iii) the daily average exchange rate at the end of such period, for one U.S. dollar, expressed in Canadian dollars, as quoted by the Bank of Canada. On August 11, 2020, the daily average exchange rate as quoted by the Bank of Canada was US$1.00 = Cdn$1.3291.
 
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Twelve Months Ended December 31
2019
2018
2017
High
Cdn$1.3600
Cdn$1.3642
Cdn$1.3743
Low
Cdn$1.2988
Cdn$1.2288
Cdn$1.2128
Average
Cdn$1.3269
Cdn$1.2957
Cdn$1.2986
Period End
Cdn$1.2988
Cdn$1.3642
Cdn$1.2545
Source: Bank of Canada
Prior Sales
During the 12-month period before the date of this prospectus, the Company has not issued any securities, or issued any securities that are convertible or exchangeable into securities, other than the following issuances of common shares pursuant the Company’s long-term incentive plan (the “LTIP”):
Date
Price Per Common Share
Number of Common Shares
February 25, 2020
US$2.49
587,379
Trading Price and Volume
The common shares began trading on the TSX on December 2, 2009, under the trading symbol “ATP” and on the NYSE on July 23, 2010 under the trading symbol “AT”. The following tables show the monthly range of high and low prices per common share and the total volume of common shares traded on the TSX and the NYSE during the 12-month period before the date of this prospectus. On August 11, 2020, being the last day on which the common shares traded prior to the date of this prospectus, the closing price of the common shares on the TSX and on the NYSE was Cdn$2.75 and US$2.05, respectively.
TSX Date
High
Low
Volume
August 2019
Cdn$3.18
Cdn$3.02
659,553
September 2019
Cdn$3.37
Cdn$3.04
708,381
October 2019
Cdn$3.15
Cdn$3.03
761,469
November 2019
Cdn$3.23
Cdn$3.06
580,334
December 2019
Cdn$3.23
Cdn$3.02
612,104
January 2020
Cdn$3.23
Cdn$3.01
2,050,714
February 2020
Cdn$3.35
Cdn$3.06
1,092,184
March 2020
Cdn$3.07
Cdn$2.46
2,818,584
April 2020
Cdn$2.94
Cdn$2.62
1,874,843
May 2020
Cdn$2.91
Cdn$2.53
1,008,459
June 2020
Cdn$2.91
Cdn$2.52
1,209,211
July 2020
Cdn$2.79
Cdn$2.62
985,933
August 11, 2020
Cdn$2.81
Cdn$2.68
185,475
NYSE Date
High
Low
Volume
August 2019
US$2.40
US$2.27
1,493,277
September 2019
US$2.55
US$2.30
1,458,667
October 2019
US$2.40
US$2.28
1,575,564
November 2019
US$2.45
US$2.32
1,113,426
December 2019
US$2.43
US$2.31
1,359,389
January 2020
US$2.43
US$2.32
1,395,057
February 2020
US$2.52
US$2.27
1,430,214
 
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NYSE Date
High
Low
Volume
March 2020
US$2.30
US$1.76
4,754,387
April 2020
US$2.11
US$1.84
3,144,595
May 2020
US$2.12
US$1.80
2,529,268
June 2020
US$2.15
US$1.84
6,334,500
July 2020
US$2.06
US$1.95
2,892,935
August 11, 2020
US$2.11
US$2.03
81,606
The Series E Debentures issued pursuant to the trust indenture dated as of December 17, 2009 (the “Original Indenture”) between the Company and Computershare Trust Company of Canada (the “Canadian Debenture Trustee”), as supplemented by the fourth supplemental indenture dated November 29, 2012 between the Company and the Canadian Debenture Trustee and as further supplemented by the seventh supplemental indenture dated January 29, 2018 between the Company and the Canadian Debenture Trustee, were listed for trading on the TSX on July 5, 2012, under the trading symbol “ATP.DB.E”. The following table shows the monthly range of high and low prices per Cdn$100 principal amount of Series E Debentures and total monthly volumes traded on the TSX during the period before the date of this prospectus. On August 11, 2020, being the last day on which the Series E Debentures traded prior to the date of this prospectus, the closing price of the Series E Debentures on the TSX was Cdn $102.41 per Cdn $100 principal amount of such debentures.
Date
High
Low
Volume
August 2019
Cdn$106.00
Cdn$104.31
206,000
September 2019
Cdn$107.4
Cdn$103.60
509,000
October 2019
Cdn$105.25
Cdn$103.25
672,000
November 2019
Cdn$106.00
Cdn$104.15
171,000
December 2019
Cdn$105.75
Cdn$103.77
456,000
January 2020
Cdn$106.14
Cdn$104.00
323,000
February 2020
Cdn$107.00
Cdn$103.00
292,000
March 2020
Cdn$104.25
Cdn$85.00
876,000
April 2020
Cdn$100.00
Cdn$95.00
4,119,000
May 2020
Cdn$100.50
Cdn$97.00
1,150,000
June 2020
Cdn$102.00
Cdn$100.00
1,338,000
July 2020
Cdn$101.50
Cdn$100.06
326,000
August 11, 2020
Cdn$103.02
Cdn$102.41
30,000
Consolidated Capitalization
The following table presents the cash and cash equivalents and consolidated capitalization of the Company as of June 30, 2020.
As of June 30, 2020
(unaudited)
(in thousands of US$)
Cash and cash equivalents:
37,993
Debt:
Series E Debentures
84,387
Senior unsecured notes
154,098
Current portion of senior secured term loan facility
83,000
Senior secured term loan facility
262,000
Current portion of project-level debt
3,000
 
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As of June 30, 2020
(unaudited)
(in thousands of US$)
Project-level debt
13,390
Total debt:
599,875
Shareholders’ equity:
Common shares, no par value per share, unlimited authorized shares, 91,952,348 shares issued and outstanding
1,224,567
Preferred shares issued by a subsidiary company
168,803
Accumulated other comprehensive loss
(147,305)
Retained deficit
(1,140,395)
Total shareholder’s equity
105,670
Total capitalization
705,545
Other than as set out above, there have been no material changes in share and loan capital of the Company, on a consolidated basis, since June 30, 2020.
Earnings Coverage Ratios
The earnings coverage ratios set forth below have been prepared on the basis of the U.S. GAAP financial statements incorporated by reference in this prospectus. Earnings coverage is equal to net income before interest expense on all long-term debt and income taxes, divided by interest expense on long-term debt.
In accordance with the presentation and measurement requirements of U.S. GAAP, the Company’s interest requirements for all long term debt, including the current portion, amounted to approximately US$45.1 million and approximately US$44.0 million for the 12 months ended December 31, 2019 and June 30, 2020, respectively. The Company’s loss before interest and income tax for the 12 months ended December 31, 2019 and June 30, 2020, respectively, was approximately US$34.0 million and US$19.1 million. Accordingly, the earnings coverage ratios for each of the 12 months ended December 31, 2019 and the 12 months ended June 30, 2020 are less than one-to-one. The additional earnings required to achieve an earnings coverage ratio of 1.0 would have been approximately US$32.8 million and approximately US$27.7 million for the 12 months ended December 31, 2019 and June 30, 2020, respectively.
The earnings coverage ratios and the interest requirements do not give effect to the issuance of any debt securities that may be issued pursuant to any prospectus supplement since the aggregate principal amounts and the terms of such debt securities are not presently known. Earnings coverage ratios will be provided as required in the applicable prospectus supplement(s) with respect to the issuance of debt securities pursuant to this prospectus.
Description of Common Shares
The following summary description sets forth some of the general terms and provisions of our common shares. Because this is a summary description, it does not contain all of the information that may be important to you. For a more detailed description of our common shares, you should refer to the provisions of our Articles of Continuance, which we refer to as our “Articles.”
Common Shares
Our Articles authorize an unlimited number of common shares. On August 11, 2020, 89,222,568 of our common shares were issued and outstanding.
Our common shares are listed on the TSX under the symbol “ATP” and on the NYSE under the symbol “AT.” Holders of our common shares are entitled to receive dividends as and when declared by our board of directors and are entitled to one vote per common share on a vote by poll, or one vote per person present who is a shareholder or a proxy holder for a vote by show of hands, in each case with respect to all
 
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matters to be voted on at meetings of shareholders. We are limited in our ability to pay dividends on our common shares by restrictions under the Business Corporations Act (British Columbia), which we refer to as the “BC Act,” relating to our solvency before and after the payment of a dividend. Holders of our common shares have no statutory preemptive, conversion or redemption rights and are not subject to further assessment by us.
Upon our voluntary or involuntary liquidation, dissolution or winding up, the holders of common shares are entitled to share ratably in the remaining assets available for distribution, after payment of liabilities.
Pursuant to our Articles and the provisions of the BC Act, certain actions that may be proposed by us require the approval of our shareholders. We may, by special resolution and subject to our Articles, increase our authorized capital by such means as creating shares with or without par value or increasing the number of shares with or without par value. We may, by special resolution and subject to the BC Act, alter our Articles to subdivide, consolidate, change from shares with par value to shares without par value or from shares without par value to shares with par value or change the designation of all or any of our shares. We may also, by general special resolution and special resolution of shareholders of an affected class, and subject to the BC Act, alter our Articles to create, define, attach, vary, or abrogate special rights or restrictions to any shares. Under the BC Act and our Articles, a special resolution is a resolution passed at a duly-convened meeting of shareholders by not less than two-thirds of the votes cast in person or by proxy at the meeting, or a written resolution consented to by all shareholders who would have been entitled to vote at the meeting of shareholders.
Certain Provisions of our Articles and the BC Act
We are governed by the BC Act. Our Articles contain provisions that could have the effect of delaying, deferring or discouraging another party from acquiring control of our company by means of a tender offer, a proxy contest or otherwise.
Advance Notice Procedures
Under the BC Act, shareholders may make proposals for matters to be considered at the annual general meeting of shareholders. Such proposals must be sent to us in advance of any proposed meeting by delivering a timely written notice in proper form to our registered office. The notice must include information on the business the shareholder intends to bring before the meeting. These provisions could have the effect of delaying until the next shareholder meeting shareholder actions that are favored by the holders of a majority of our outstanding voting securities. Our Articles establish an advance notice procedure for “special business” and shareholder proposals to be brought before a meeting of shareholders. For special business, advance notice describing the special business to be discussed at the meeting must be provided and that notice must include any documents to be approved or ratified as an addendum or state that such document will be available for inspection at our records office or other reasonably accessible location. Shareholders at an annual meeting may not consider proposals or nominations that are not specified in the notice of meeting or brought before the meeting by or at the direction of the board of directors or by a shareholder of record on the record date for the meeting or a proxyholder who is entitled to vote at the meeting.
We also have adopted an advance notice policy (the “Advance Notice Policy”), which requires advance notice to the Company in circumstances where nominations of persons for election to the board of directors are made by shareholders other than pursuant to: (i) a proposal made in accordance with the BC Act; or (ii) a requisition of the shareholders made in accordance with the BC Act. Among other things, the Advance Notice Policy fixes a deadline by which shareholders must submit director nominations to the corporate secretary of the Company prior to any annual or special meeting of shareholders and sets forth the specific information that a shareholder must include in such notice for an effective nomination to occur. Pursuant to the Advance Notice Policy, no person will be eligible for election as a director of the Company unless nominated in accordance with the provisions of the Advance Notice Policy.
Shareholder Requisitioned Meeting
Under the BC Act, shareholders holding in the aggregate 120 of our outstanding common shares may request the directors to call a general meeting of shareholders to deal with matters that may be dealt with at
 
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a general meeting, including election of directors. If the directors do not call the meeting within the timeframes specified in the BC Act, the requesting shareholders can call the meeting and we must reimburse the costs.
Removal of Directors and Increasing Board Size
Under our Articles, directors may be removed by shareholders by passing an ordinary resolution of a simple majority of shareholders with the right to vote on such resolution. Further, under our Articles and subject to the BC Act, the directors may appoint additional directors up to one-third of the current directors elected by the shareholders.
Canadian and U.S. Securities Laws
We are a reporting issuer in each of the provinces and territories of Canada and therefore subject to the securities laws in each such province and territory. Canadian securities laws require reporting of share purchases and sales by shareholders acquiring beneficial ownership of, or the power to exercise control or direction over, 10% or more of our common shares, including certain prescribed public disclosure of their intentions for their holdings. Canadian securities laws also govern how any offer to acquire 20% or more of our equity or voting shares must be conducted. The foregoing is a limited and general summary of certain aspects of applicable securities law in the provinces and territories of Canada, all in effect as of the date hereof. This summary is not a comprehensive description of relevant or applicable considerations regarding such requirements and, accordingly, is not intended to be, and should not be interpreted as, legal advice to any prospective purchaser and no representation with respect to such requirements to any prospective purchaser is made. Prospective investors should consult their own Canadian legal advisors with respect to any questions regarding securities law in the provinces and territories of Canada.
We are not considered a “foreign private issuer” as defined in Rule 405 of Regulation C under the Securities Act and Rule 3b-4 of the Exchange Act and, as a consequence, the beneficial ownership reporting requirements of the Exchange Act will apply to our shareholders. Prospective investors should consult their own U.S. legal advisors with respect to any questions regarding the securities law of the United States.
Indemnification of Directors and Officers
Under the BC Act, we may indemnify a present or former director or officer or a person who acts or acted at our request as a director or officer of another corporation or one of our affiliates, and his or her heirs and personal representatives, against all costs, charges and expenses, including legal and other fees and amounts paid to settle an action or satisfy a judgment, actually and reasonably incurred by him or her including an amount paid to settle an action or satisfy a judgment in respect of any legal proceeding or investigative action to which he or she is made a party by reason of his or her position and provided that the director or officer acted honestly and in good faith with a view to the best interests of the Company or such other corporation, and, in the case of a criminal or administrative action or proceeding, had reasonable grounds for believing that his or her conduct was lawful. Other forms of indemnification may be made with court approval.
In accordance with our Articles, we shall indemnify every director or former director, or may, subject to the BC Act, indemnify any other person. We have entered into indemnity agreements with our directors and executive officers, whereby we have agreed to indemnify the directors and officers to the extent permitted by our Articles and the BC Act.
Our Articles permit us, subject to the limitations contained in the BC Act, to purchase and maintain insurance on behalf of any present or former director, employee or agent of the Company and certain other persons. We currently maintain three insurance policies under which our directors and officers are insured, within the limits and subject to the limitations of the policies, against certain expenses in connection with the defense of, and certain liabilities that might be imposed as a result of, actions, suits or proceedings to which they are parties by reason of being or having been such directors or officers.
Transfer Agent and Registrar
Computershare Investor Services Inc. and Computershare Trust Company, N.A. serve as our transfer agents and registrars for our common shares.
 
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Description of Debt Securities
We may offer unsecured debt securities in one or more series which may be senior or subordinated and which may be convertible into another security.
The following description briefly sets forth certain general terms and provisions of the debt securities. The particular terms of the debt securities offered by any prospectus supplement and the extent, if any, to which these general provisions may apply to the debt securities, will be described in the applicable prospectus supplement. We may issue subordinated debt securities in one or more series under an Ontario law indenture, dated as of December 17, 2009, between us and Computershare Trust Company of Canada, as Canadian trustee, as supplemented by a fourth supplemental indenture, dated as of November 29, 2012, among us, the Canadian trustee and Computershare Trust Company, N.A., as U.S. trustee (together with the Canadian trustee, the “Indenture Trustees”) (the “Canadian indenture”). We also may issue senior debt securities in one or more series under a New York law indenture to be entered into between us and one or more trustees to be named in the indenture (the “New York indenture”). We use the term “indentures” to refer to both the Canadian indenture and the New York indenture, and we use the term “trustee” to refer to the trustees under either indenture, as applicable. The indentures are qualified under the Trust Indenture Act of 1939, as amended (the “TIA”). The terms of the debt securities will include those set forth in the applicable indenture and those made a part of the indenture by the TIA. The Canadian indenture and form of the New York indenture are exhibits to the registration statement of which this prospectus forms a part. You should read the summary below, the applicable prospectus supplement and the provisions of the applicable indenture and supplemental indenture, if any, in their entirety before investing in our debt securities.
The aggregate principal amount of debt securities that may be issued under the indentures is unlimited. The prospectus supplement relating to any series of debt securities that we may offer will contain the specific terms of the debt securities. These terms may include the following:

the title and aggregate principal amount of the debt securities and any limit on the aggregate principal amount;

whether the debt securities will be senior or subordinated;

any applicable subordination provisions for any subordinated debt securities;

the maturity date(s) or method for determining same;

the interest rate(s) or the method for determining same;

the dates on which interest will accrue or the method for determining dates on which interest will accrue and dates on which interest will be payable and whether interest shall be payable in cash or additional securities;

whether the debt securities are convertible or exchangeable into other securities and any related terms and conditions;

redemption or early repayment provisions;

authorized denominations;

if other than the principal amount, the principal amount of debt securities payable upon acceleration;

place(s) where payment of principal and interest may be made, where debt securities may be presented and where notices or demands upon the company may be made;

whether such debt securities will be issued in whole or in part in the form of one or more global securities and the date as which the securities are dated if other than the date of original issuance;

amount of discount or premium, if any, with which such debt securities will be issued;

any covenants applicable to the particular debt securities being issued;

any additions or changes in the defaults and events of default applicable to the particular debt securities being issued;
 
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the guarantors of each series, if any, and the extent of the guarantees (including provisions relating to seniority, subordination, security and release of the guarantees), if any;

the currency, currencies or currency units in which the purchase price for, the principal of and any premium and any interest on, such debt securities will be payable;

the time period within which, the manner in which and the terms and conditions upon which the holders of the debt securities or the company can select the payment currency;

our obligation or right to redeem, purchase or repay debt securities under a sinking fund, amortization or analogous provision;

our obligation or right to redeem, purchase or repay debt securities under a sinking fund, amortization or analogous provision;

any restriction or conditions on the transferability of the debt securities;

provisions granting special rights to holders of the debt securities upon occurrence of specified events;

additions or changes relating to compensation or reimbursement of the trustee of the series of debt securities;

additions or changes to the provisions for the defeasance of the debt securities or to provisions related to satisfaction and discharge of the indenture;

whether and under what circumstances we will pay additional amounts to non-Canadian holders in respect of any tax assessment or government charge, and, if so, whether we will have the option to redeem the debt securities rather than pay such additional amounts;

provisions relating to the modification of the indenture both with and without the consent of holders of debt securities issued under the indenture and the execution of supplemental indentures for such series; and

any other terms of the debt securities (which terms shall not be inconsistent with the provisions of the TIA, but may modify, amend, supplement or delete any of the terms of the indenture with respect to such series debt securities).
We may sell the debt securities, including original issue discount securities, at par or at a substantial discount below their stated principal amount. Unless we inform you otherwise in a prospectus supplement, we may issue additional debt securities of a particular series without the consent of the holders of the debt securities of such series or any other series outstanding at the time of issuance. Any such additional debt securities, together with all other outstanding debt securities of that series, will constitute a single series of securities under the applicable indenture.
Material United States and Canadian federal income tax consequences and special considerations, if any, applicable to any such series will be described in the applicable prospectus supplement.
Debt Securities Issued under the Canadian Indenture
The following summary description sets forth some of the general terms and provisions of the Canadian indenture. Because this is a summary description, it does not contain all of the information that may be important to you and is qualified in its entirety by reference to the Canadian indenture, including the form of debt security attached thereto, and any supplement to the Canadian indenture under which debt securities are issued (each such series of debt securities, “Canadian Debt Securities”).
General
Canadian Debt Securities issued under and pursuant to the provisions of the Canadian indenture, as supplemented by a supplement (each, a “supplemental indenture”) will be issuable only in denominations of $1,000 and integral multiples thereof, unless otherwise specified in such supplemental indenture. At the closing of the applicable offering, the Canadian Debt Securities will be available for delivery in book-entry form only through the facilities of CDS Clearing and Depository Services Inc. (“CDS”). Holders of beneficial
 
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interests in the Canadian Debt Securities will not have the right to receive physical certificates evidencing their ownership of Canadian Debt Securities except under certain circumstances described under “Description of Canadian Debt Securities — Book Entry, Delivery and Form.” No fractional Canadian Debt Securities will be issued.
The interest on the Canadian Debt Securities will be payable in lawful money of Canada, unless otherwise specified in the applicable supplemental indenture. Subject to any required regulatory approval and provided no event of default has occurred and is continuing, the Company shall have the option, to pay such interest by delivering a number of common shares to an agent for sale, in which event holders of the Canadian Debt Securities will be entitled to receive a cash payment equal to the interest owed from the proceeds of the sale of the requisite number of common shares by the agent. The Canadian indenture does not, and any supplemental indenture will not, contain a requirement for the Company to increase the amount of interest or other payments to holders of Canadian Debt Securities should the Company become required to withhold amounts in respect of income or similar taxes on payment of interest or other amounts.
The principal on the Canadian Debt Securities will be payable in lawful money of Canada, unless otherwise specified in the applicable supplemental indenture, or, at the option of the Company and subject to applicable regulatory approval, by delivery of common shares to satisfy in whole or in part its obligation to repay the principal under the Canadian Debt Securities as further described under “Description of Canadian Debt Securities — Payment upon Redemption or Maturity” and “Description of Canadian Debt Securities — Redemption and Purchase.”
The Canadian Debt Securities will be direct obligations of the Company and will not be secured by any mortgage, pledge, hypothec or other charge and will be subordinated to other liabilities of the Company as described under “Description of Canadian Debt Securities — Subordination.”
The Canadian indenture does not, and any supplemental indenture will not, restrict the Company from incurring additional indebtedness for borrowed money or from mortgaging, pledging or charging its assets to secure any indebtedness. The Canadian Debt Securities will be transferable, and may be presented for conversion, at the principal offices of the Canadian trustee in Toronto, Ontario.
Conversion Privilege
The Canadian Debt Securities may, if so provided in the applicable supplemental indenture, be convertible at the holder’s option into fully paid, non-assessable and freely-tradeable common shares at any time prior to the close of business on the earlier of the specified maturity date and the last business day immediately preceding the date specified by the Company for redemption of the Canadian Debt Securities, at a specified conversion price. No adjustment will be made for dividends or distributions payable on common shares issuable upon conversion; however, holders converting their Canadian Debt Securities shall be entitled to receive, in addition to the applicable number of common shares, accrued and unpaid interest in respect thereof for the period up to but excluding the date of conversion from the latest interest payment date. For certainty, such holder will not be entitled to interest in respect of the period commencing on the date of conversion until the next succeeding interest payment date, notwithstanding that such holder may have been a holder of Canadian Debt Securities on the record date for the payment of interest on such interest payment date.
Subject to the provisions thereof, the Canadian indenture provides for the adjustment of the conversion rights in certain events including: (i) the subdivision or consolidation of the outstanding common shares; (ii) the issue of common shares or securities convertible into common shares by way of stock dividend or other distribution; (iii) the issuance of options, rights or warrants to all or substantially all the holders of common shares entitling them to acquire common shares or other securities convertible into common shares at less than 95% of the then current market price of the common shares; and (iv) the distribution to all or substantially all holders of common shares of any securities or assets (other than cash dividends and equivalent dividends in securities paid in lieu of cash dividends in the ordinary course). Any supplemental indenture also may provide for the adjustment of the conversion rights in certain other events, including (x) the payment to all holders of common shares of cash or any other consideration in respect of an issuer bid for common shares by the Company to the extent that the cash and fair market value of any other
 
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consideration included in the payment per common share exceeds the current market price of the common shares on the date of expiry of such issuer bid; and (y) the payment of certain cash dividends to all or substantially all holders of common shares.
Provided the common shares are then listed on the TSX, the term “current market price” will mean the volume weighted average price of the common shares on the TSX for the 20 consecutive trading days ending on the fifth trading day preceding the date of the applicable event.
There will be no adjustment of the conversion price in respect of any event described in (ii), (iii) or (iv) above if, subject to prior regulatory approval, if required, the holders of the Canadian Debt Securities are allowed to participate as though they had converted their Canadian Debt Securities prior to the applicable record date or effective date. The Company will not be required to make adjustments in the conversion price unless the cumulative effect of such adjustments would change the conversion price by at least 1%. In the case of any reclassification of the common shares or a capital reorganization of the Company (other than as described in (i) or (ii) above) or in case of any amalgamation, arrangement or merger of the Company with or into any other entity, or in the case of any sale or conveyance of the properties and assets of the Company as, or substantially as, an entirety to any other entity, or a liquidation, dissolution or winding-up of the Company, the terms of the conversion privilege shall be adjusted so that each Canadian Debt Security shall, after such reclassification, capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance or liquidation, dissolution or winding-up or other similar transaction, be exercisable, in lieu of common shares, for the kind and amount of securities or property of the Company, or such continuing, successor or purchaser entity, as the case may be, which the holder thereof would have been entitled to receive as a result of such reclassification, capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance or liquidation, dissolution or winding-up or other similar transaction if on the effective date thereof it had been the holder of the number of common shares into which the Canadian Debt Security was convertible prior to the effective date of such reclassification, capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance or liquidation, dissolution or winding-up or other similar transaction. For example, if the Company were to sell all of its properties and assets for cash consideration, any Canadian Debt Securities that remain outstanding following such sale would then be convertible into cash, in an amount per common share otherwise issuable upon conversion of the Canadian Debt Security equal to the cash consideration per common share received by the holders of common shares pursuant to such sale.
No fractional common shares will be issued on any conversion of the Canadian Debt Securities, but in lieu thereof, the Company shall satisfy such fractional interest by a cash payment equal to the current market price of such fractional interest. Upon conversion, the Company may offer, and the converting holder may agree to, the delivery of cash for all or a portion of the Canadian Debt Securities surrendered in lieu of common shares.
Redemption and Purchase
The Canadian Debt Securities may not be redeemable by the Company on or before the date specified. See “Description of Canadian Debt Securities — Repurchase Upon a Change of Control.” During specified periods, the Canadian Debt Securities may be redeemed at the option of the Company, in whole at any time or in part from time to time, on not more than 60 days and not less than 30 days prior notice, at specified redemption price(s) with or without specified conditions, including, for example, that the volume weighted average price of the common shares on the TSX for the 20 consecutive trading days ending on the fifth trading day preceding the date on which notice of redemption is given is not less than a specified percentage of the conversion price.
In the case of redemption of less than all of the Canadian Debt Securities, the Canadian Debt Securities to be redeemed will be selected by the Indenture Trustees on a pro rata basis or in such other manner as such trustees deems equitable, subject to the consent of the TSX.
The Company will have the right to purchase Canadian Debt Securities in the market, by tender or by private contract subject to regulatory requirements; provided, however, that if an event of default (as described below) has occurred and is continuing, the Company will not have the right to purchase the Canadian Debt Securities by private contract.
 
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Payment upon Redemption or Maturity
On redemption (the “Redemption Date”) or on the maturity date, the Company will repay the indebtedness represented by the Canadian Debt Securities by paying to the Indenture Trustees in lawful money of Canada, unless another currency is specified in the applicable supplemental indenture, an amount equal to the redemption price or principal amount of the outstanding Canadian Debt Securities, together with accrued and unpaid interest thereon, respectively. The Company may, at its option, on not more than 60 days and not less than 40 days prior notice and subject to any required regulatory approvals, unless an event of default has occurred and is continuing, elect to satisfy its obligation to repay, in whole or in part, the principal amount of the Canadian Debt Securities which are to be redeemed or which have matured by issuing and delivering freely tradeable common shares to the holders of the Canadian Debt Securities. The number of common shares to be issued will be determined by dividing the principal amount of the Canadian Debt Securities which are to be redeemed or have matured by 95% of the current market price of the common shares on the Redemption Date or maturity date, as the case may be.
No fractional common shares will be issued to holders of Canadian Debt Securities, but in lieu thereof, the Company shall satisfy such fractional interest by a cash payment equal to the current market price of such fractional interest.
The delivery of common shares to satisfy the Company’s obligations under the Canadian Debt Securities may require regulatory approval, including filing a prospectus qualifying the distribution of such common shares or obtaining an exemptive relief order from the relevant Canadian securities regulators in the event that an exemption from the prospectus and registration requirements of applicable Canadian securities laws is not available at the time of the delivery of common shares. In addition, any issuance of common shares to satisfy the Company’s obligations under the Canadian Debt Securities will be subject to the approval of the TSX and the NYSE (and any other exchange on which the common shares are listed at the relevant time).
Cancellation
All Canadian Debt Securities converted, redeemed or purchased will be cancelled and may not be reissued or resold.
Subordination
The payment of the principal of, and interest on, the Canadian Debt Securities will be subordinated in right of payment, in the circumstances referred to below and more particularly as set forth in the Canadian indenture, to the prior payment in full of all existing and future Senior Indebtedness (as defined below) of the Company, including our senior secured term loan facilities, senior secured revolving credit facilities and our medium term notes due June 23, 2036. “Senior Indebtedness” of the Company is defined in the Canadian indenture and includes: (a) indebtedness of the Company for borrowed money; (b) obligations of the Company evidenced by bonds, debentures, notes or other similar instruments; (c) obligations of the Company arising pursuant or in relation to bankers’ acceptances, letters of credit and letters of guarantee (including payment and reimbursement obligations in respect thereof) or indemnities issued in connection therewith; (d) obligations of the Company under any swap, hedging or other similar contracts or arrangements; (e) obligations of the Company under guarantees, indemnities, assurances, legally binding comfort letters or other contingent obligations relating to the Senior Indebtedness or other obligations of any other person which would otherwise constitute Senior Indebtedness within the meaning of this definition, including the guarantee of the Company’s revolving credit facility; (f) all indebtedness of the Company representing the deferred purchase price of any property including, without limitation, purchase money mortgages; (g) accounts payable to trade creditors; (h) all renewals, extensions and refinancing of any of the foregoing; and (i) all costs and expenses incurred by or on behalf of the holder of any Senior Indebtedness in enforcing payment or collection of any such Senior Indebtedness, including enforcing any security interest securing the same. The Canadian Debt Securities will be effectively structurally subordinate to claims of creditors (including trade creditors) of the Company’s subsidiaries. As of June 30, 2020, we had an aggregate amount of $499.1 million of Senior Indebtedness outstanding.
 
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All Canadian Debt Securities issued under the Canadian indenture, including our two outstanding series of convertible unsecured subordinated debentures, will rank pari passu with each other (regardless of their actual date or terms of issue).
The Canadian indenture provides that in the event of any insolvency or bankruptcy proceedings, or any receivership, liquidation or reorganization or other similar proceedings relating to the Company, or to its property or assets, or in the event of any proceedings for voluntary liquidation, dissolution or other winding-up of the Company, whether or not involving insolvency or bankruptcy, or any marshalling of the assets and liabilities of the Company, then holders of Senior Indebtedness will receive payment in full before the holders of Canadian Debt Securities will be entitled to receive any payment or distribution of any kind or character, whether in cash, property or securities, which may be payable or deliverable in any such event in respect of any of the Canadian Debt Securities or any unpaid interest accrued thereon.
The Canadian indenture also provides that the Company will not make any payment, and the holders of the Canadian Debt Securities will not be entitled to demand, institute proceedings for the collection of, or receive any payment or benefit (including, without any limitation, by set-off, combination of accounts or otherwise in any manner whatsoever) on account of indebtedness represented by the Canadian Debt Securities at any time when a default or an event of default has occurred with respect to any Senior Indebtedness permitting a senior creditor to demand payment or accelerate the maturity thereof and the notice of such default or event of default has been given by or on behalf of holders of Senior Indebtedness to the Company or the Company otherwise has knowledge thereof, unless such notice has been revoked, such default or event of default has been cured or the Senior Indebtedness has been repaid or satisfied in full as defined in the Canadian indenture.
The Indenture Trustees and the Company will also be authorized (and obligated upon any request from certain holders of Senior Indebtedness) under the Canadian indenture to enter into subordination agreements on behalf of the holders of Canadian Debt Securities with any holder of Senior Indebtedness.
Repurchase upon a Change of Control
Upon the occurrence of a change of control of the Company, the holders of the Canadian Debt Securities will have the right to require the Company to repurchase their Canadian Debt Securities, in whole or in part at a price equal to 100% of the principal amount thereof (the “Offer Price”) plus accrued and unpaid interest thereon. A change of control will be deemed to occur upon: (i) an acquisition by a person or group of persons acting jointly or in concert (within the meaning of the Securities Act (Ontario)) of ownership of, or voting control or direction over, 50% or more of the common shares; or (ii) the sale or other transfer of all or substantially all of the consolidated assets of the Company.
A change of control will not include a sale, merger, reorganization, or other similar transaction if the previous holders of the common shares hold at least 50% of the voting control in such merged, reorganized or other continuing entity.
If 90% or more of the aggregate principal amount of the Canadian Debt Securities outstanding on the date of the giving of notice of the change of control have been tendered for purchase following a change of control, the Company will have the right to redeem all the remaining Canadian Debt Securities on the purchase date, together with accrued and unpaid interest to such date. Notice of such redemption must be given to the Indenture Trustees by the Company within 10 days following expiry of the right to require repurchase after the change of control and, as soon as possible thereafter, by the Indenture Trustees to the holders of the Canadian Debt Securities not tendered for purchase.
The Canadian indenture contains notification provisions to the effect that:

the Company will promptly give written notice to the Indenture Trustees of the occurrence of a change of control and the Indenture Trustees will thereafter give to the holders of Canadian Debt Securities a notice of the change of control, the right of the holders of Canadian Debt Securities to require repurchase and the right of the Company to redeem untendered Canadian Debt Securities under certain circumstances; and

a holder of Canadian Debt Securities, to exercise the right to require repurchase following the change of control, must deliver to the Indenture Trustees, not less than five business days prior to
 
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the date which is 30 days after the date the Indenture Trustees delivers notice of the change of control to the holders of Canadian Debt Securities, written notice of the holder’s exercise of the right to require repurchase, together with a duly endorsed form of transfer.
The Company will comply with the requirements of Canadian securities laws and regulations and U.S. federal securities laws and regulations to the extent such laws and regulations are applicable in connection with the repurchase of the Canadian Debt Securities in the event of a change of control.
Cash Change of Control
In addition to the requirement for the Company to repurchase Canadian Debt Securities following a change of control, if a change of control occurs in which 10% or more of the consideration for the common shares in the transaction or transactions constituting a change of control consists of:

cash, other than cash payments for fractional common shares and cash payments made in respect of dissenter’s appraisal rights;

equity securities that are not traded or intended to be traded immediately following such transactions on a stock exchange; or

other property that is not traded or intended to be traded immediately following such transactions on a stock exchange,
then subject to regulatory approvals, during the period beginning ten trading days before the anticipated date on which the change of control becomes effective and ending 30 days after the notice of change of control and offer to repurchase Canadian Debt Securities is delivered, holders of Canadian Debt Securities will be entitled to convert their Canadian Debt Securities, subject to certain limitations, and receive, in addition to the number of common shares they would otherwise be entitled to receive as set forth under “Description of Canadian Debt Securities — Conversion Privilege” above, an additional number of common shares per $1,000 principal amount of Canadian Debt Securities (the “Make Whole Premium Shares”) to be specified in the applicable supplemental indenture. Any such additional conversion entitlement shall be subject to the change of control transaction having been completed. The Make Whole Premium Shares and the determination thereof will be adjusted in a similar manner as the conversion rate set forth above under “Description of Canadian Debt Securities — Conversion Privilege”.
The delivery of common shares to satisfy the Company’s obligations under the Canadian Debt Securities may require regulatory approval, including filing a prospectus qualifying the distribution of such common shares or obtaining an exemptive relief order from the relevant Canadian securities regulators or the filing and effectiveness of a registration statement and filing of a related prospectus under the Securities Act with the SEC in the event that an exemption from the prospectus and registration requirements of applicable Canadian securities laws or U.S. securities laws is not available at the time of the delivery of common shares. In addition, any issuance of common shares to satisfy the Company’s obligations under the Canadian Debt Securities will be subject to the approval of the TSX and the NYSE (and any other exchange on which the common shares are listed at the relevant time).
Modification
The rights of the Canadian Debt Security holders that have been or may be issued under the Canadian indenture or any supplemental indenture may be modified in accordance with the terms of the Canadian indenture. For that purpose, among others, the Canadian indenture contains certain provisions which make binding on all Canadian Debt Security holders resolutions passed at meetings of the Canadian Debt Security holders by votes cast thereat by holders of not less than 6623 of the principal amount of the then outstanding Canadian Debt Securities present at the meeting or represented by proxy, or rendered by instruments in writing signed by the holders of not less than 6623% of the principal amount of the then outstanding Canadian Debt Securities. In certain cases, the modification will, instead or in addition, require assent by the holders of the required percentage of each particularly affected series of debentures, as the case may be.
Under the Canadian indenture, certain amendments may be made to the Canadian indenture without the consent of the Canadian Debt Security holders, subject to the approval of the TSX, as required, for certain specified purposes, including the following:
 
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to add to the covenants of the Company for the protection of the holders of Canadian Debt Securities or providing for additional events of default;

to make such provisions not inconsistent with the Canadian indenture as may be necessary or desirable with respect to matters or questions arising thereunder, including to make any modifications in the form of the Canadian Debt Securities which do not affect the substance thereof and which in the opinion of the Canadian Debenture Trustees (relying on an opinion of counsel), will not be prejudicial to the interests of the holders of Canadian Debt Securities; and

for any other purpose not inconsistent with the terms of the Canadian indenture, provided that, in the opinion of the Canadian Debenture Trustees (relying on an opinion of counsel), the rights of the holders of Canadian Debt Securities are in no way prejudiced thereby.
Further, the Company and the Canadian Debenture Trustees may without the consent of the Canadian Debt Security holders, by supplemental indenture or otherwise, make any changes or corrections in the Canadian indenture required for the purpose of curing or correcting any ambiguity or defective or inconsistent provisions or mistakes contained in the Canadian indenture or in any supplemental indenture, provided that in the opinion of the Canadian Debenture Trustees (relying on an opinion of counsel) the rights of the Canadian Debt Security holders and senior creditors are in no way prejudiced thereby.
Events of Default
The Canadian indenture provides that an event of default (“Event of Default”) in respect of the Canadian Debt Securities will occur if certain events described in the Canadian indenture occur, including if any one or more of the following described events has occurred and is continuing with respect to the Canadian Debt Securities: (i) failure for 15 days to pay interest on the Canadian Debt Securities when due; (ii) failure to pay principal or premium, if any, on the Canadian Debt Securities, whether at maturity, upon redemption, by declaration or otherwise; or (iii) certain events of bankruptcy, insolvency or reorganization of the Company under bankruptcy or insolvency laws. If an Event of Default has occurred and is continuing, the Indenture Trustees may, in their discretion, and shall, upon the request of holders of not less than 25% in principal amount of the then outstanding Canadian Debt Securities, declare the principal of (and premium, if any) and interest on all outstanding Canadian Debt Securities to be immediately due and payable.
Offers for Canadian Debt Securities
The Canadian indenture contains provisions to the effect that if an offer is made for the Canadian Debt Securities which is a take-over bid for Canadian Debt Securities within the meaning of the Securities Act (Ontario) and not less than 90% of the Canadian Debt Securities (other than Canadian Debt Securities held at the date of the take-over bid by or on behalf of the offeror or associates or affiliates of the offeror) are taken up and paid for by the offeror, the offeror will be entitled to acquire the Canadian Debt Securities held by Canadian Debt Security holders who did not accept the offer on the terms offered by the offeror.
Book Entry, Delivery and Form
Canadian Debt Securities will be issued in the form of fully registered global Canadian Debt Securities (the “Global Debentures”) held by, or on behalf of, CDS or its successor (the “Depository”), as custodian for its participants.
All Canadian Debt Securities will be represented in the form of Global Debentures registered in the name of the Depository or its nominee. Purchasers of Canadian Debt Securities represented by Global Debentures will not receive Canadian Debt Securities in definitive form. Rather, the Canadian Debt Securities will be represented only in “book-entry only” form (unless the Company, in its sole discretion, elects to prepare and deliver definitive Canadian Debt Securities in fully registered form). Beneficial interests in the Global Debentures, constituting ownership of the Canadian Debt Securities, will be represented through book-entry accounts of institutions (including any relevant underwriters) acting on behalf of beneficial owners, as direct and indirect participants of the Depository (the “participants”). Each purchaser of a Canadian Debt Security represented by a Global Debenture will receive a customer confirmation of purchase
 
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from any underwriters or registered dealer from whom the Canadian Debt Security is purchased in accordance with the practices and procedures of the selling underwriters or registered dealer. The practices of registered dealers may vary, but generally customer confirmations are issued promptly after execution of a customer order. The Depository will be responsible for establishing and maintaining book-entry accounts for its participants having interests in Global Debentures.
If the Depository notifies the Company that it is unwilling or unable to continue as depository in connection with the Global Debentures, or if at any time the Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository and the Company and the Indenture Trustees are unable to locate a qualified successor, or if the Company elects, in its sole discretion, to terminate the book-entry system, with the consent of the Indenture Trustees, or if under certain circumstances described in the Canadian indenture, an Event of Default has occurred, beneficial owners of Canadian Debt Securities represented by Global Debentures at such time will receive Canadian Debt Securities in registered and definitive form (the “Definitive Debentures”).
Transfer and Exchange of Canadian Debt Securities
Transfers of beneficial ownership in Canadian Debt Securities represented by Global Debentures will be effected through records maintained by the Depository for such Global Debentures or its nominees (with respect to interests of participants) and on the records of participants (with respect to interests of persons other than participants). Unless the Company elects, in its sole discretion, to prepare and deliver Definitive Debentures, beneficial owners who are not participants in the Depository’s book-entry system, but who desire to purchase, sell or otherwise transfer ownership of or other interests in Global Debentures, may do so only through participants in the Depository’s book-entry system.
The ability of a beneficial owner of an interest in a Canadian Debt Security represented by a Global Debenture to pledge the Canadian Debt Security or otherwise take action with respect to such owner’s interest in a Canadian Debt Security represented by a Global Debenture (other than through a participant) may be limited due to the lack of a physical certificate.
Registered holders of Definitive Debentures may transfer such Canadian Debt Securities upon payment of taxes or other charges incidental thereto, if any, by executing and delivering a form of transfer together with the Canadian Debt Securities to the registrar for the Canadian Debt Securities at its principal offices in Toronto, Ontario or such other city or cities as may from time to time be designated by the Company, whereupon new Canadian Debt Securities will be issued in authorized denominations in the same aggregate principal amount as the Canadian Debt Securities so transferred, registered in the names of the transferees. No transfer of a Canadian Debt Security will be registered on any interest payment date or during the five business days preceding an interest payment date on the Canadian Debt Securities or on any Redemption Date or during the five business days preceding the Redemption Date.
Payments
Payments of interest and principal on each Global Debenture will be made to the Depository or its nominee, as the case may be, as the registered holder of the Global Debenture. As long as the Depository or its nominee is the registered owner of a Global Debenture, such Depository or its nominee, as the case may be, will be considered the sole legal owner of the Global Debenture for the purposes of receiving payments of interest and principal on the Canadian Debt Securities and for all other purposes under the Canadian indenture and the Canadian Debt Securities. The record date for the payment of interest will be the fifth business day prior to the applicable interest payment date. Interest payments on Global Debentures will be made by electronic funds transfer or by cheque on the day interest is payable and delivered to the Depository or its nominee, as the case may be.
The Company understands that the Depository or its nominee, upon receipt of any payment of interest or principal in respect of a Global Debenture, will credit participants’ accounts, on the date interest or principal is payable, with payments in amounts proportionate to their respective beneficial interest in the principal amount of such Global Debenture as shown on the records of the Depository or its nominee. The Company also understands that payments of interest and principal by participants to the owners of beneficial interests in such Global Debenture held through such participants will be governed by standing
 
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instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name” and will be the responsibility of such participants. The responsibility and liability of the Company in respect of payments on Debentures represented by the Global Debenture is limited solely and exclusively, while the Canadian Debt Securities are registered in Global Debenture form, to making payment of any interest and principal due on such Canadian Debt Securities to the Depository or its nominee.
If Definitive Debentures are issued instead of or in place of Global Debentures, payments of interest on each Definitive Debenture will be made by electronic funds transfer, if agreed to by the holder of the Definitive Debenture, or by cheque dated the interest payment date and mailed to the address of the holder appearing in the register maintained by the registrar for the Canadian Debt Securities at least three days prior to the applicable interest payment date. Payment of principal at maturity will be made at the principal office of the paying agent in the City of Toronto (or in such other city or cities as may from time to time be designated by the Company) against surrender of the Definitive Debentures, if any.
Reports to Holders
The Company shall file with the Indenture Trustees copies of the Company’s annual report and other documents that the Company is required to deliver to shareholders under applicable securities legislation.
Governing Law
Each of the Canadian indenture, any supplemental indenture and the Canadian Debt Securities will be governed by, and construed in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable therein applicable to contracts executed and to be performed entirely in such Province, provided that with respect to the US Trustee for the Canadian Indenture, the laws of the State of New York shall apply.
 
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Debt Securities Issued under the New York Indenture
The following summary description sets forth some of the general terms and provisions of the New York indenture. Because this is a summary description, it does not contain all of the information that may be important to you and is qualified in its entirety by reference to the New York indenture, including the form of debt security attached thereto, and any supplement to the New York indenture under which debt securities are issued (each such series of debt securities, “U.S. Debt Securities”).
General
We may sell the U.S. Debt Securities, including original issue discount securities, at par or at a substantial discount below their stated principal amount. Unless we inform you otherwise in a prospectus supplement, we may issue additional U.S. Debt Securities of a particular series without the consent of the holders of such series outstanding at the time of issuance. Any such additional U.S. Debt Securities, together with all other outstanding debt securities of that series, will constitute a single series of securities under the New York indenture. Any taxes withheld or deducted from payments in respect of the U.S. Debt Securities and paid to the relevant tax authority shall be deemed to have been paid to the applicable holder. Unless we inform you otherwise in the applicable prospectus supplement, the U.S. Debt Securities will not be listed on any securities exchange.
We expect the U.S. Debt Securities to be issued in fully registered form without coupons and in denominations of $2,000 and any integral multiples thereof. Subject to the limitations provided in the New York indenture and in the applicable prospectus supplement, U.S. Debt Securities that are issued in registered form may be transferred or exchanged at the corporate office of the trustee or the principal corporate trust office of the trustee, without the payment of any service charge, other than any tax or other governmental charge payable in connection therewith.
Global Securities
Unless we inform you otherwise in the applicable prospectus supplement, the U.S. Debt Securities of a series may be issued in whole or in part in the form of one or more global securities that will be deposited with, or on behalf of, a depositary identified in the applicable prospectus supplement. Global securities will be issued in registered form and in either temporary or definitive form. So long as the depositary or its nominee is the registered owner of a global security, we and the relevant trustee will treat the depositary as the sole owner or holder of the U.S. Debt Securities for purposes of the New York indenture, and we will pay principal of and interest, if any, on the U.S. Debt Securities to or as directed by the depositary as the registered holder of the global securities. Unless and until it is exchanged in whole or in part for the individual U.S. Debt Securities, a global security may not be transferred except as a whole by the depositary for such global security to a nominee of such depositary or by a nominee of such depositary to such depositary or another nominee of such depositary or by such depositary or any such nominee to a successor of such depositary or a nominee of such successor. The specific terms of the depositary arrangement with respect to any U.S. Debt Securities of a series and the rights of and limitations upon owners of beneficial interests in a global security will be described in the applicable prospectus supplement.
Events of Default
Under the terms of the New York indenture, each of the following constitutes an event of default for U.S. Debt Securities unless it is either inapplicable to a particular series or it is specifically deleted or modified:

default for 30 days in the payment of any interest when due;

default in the payment of principal, or premium, if any, when due;

default for 30 days in the payment of any sinking fund installment, if any, when due;

default in the performance, or breach, of any covenant or agreement in the New York indenture for 90 days after written notice;

default in the payment of any principal of any of our indebtedness for money borrowed (other than any indebtedness owing to any of our subsidiaries) in a principal amount in excess of $50,000,000 (or
 
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the foreign currency equivalent at the time) at the stated final maturity thereof or the occurrence of any other default resulting in the acceleration prior to the stated maturity thereof, if such indebtedness is not discharged or such acceleration is not rescinded or annulled within 30 days after written notice to us by the trustee or to us and the trustee by the holders of not less than 25% in principal amount of the applicable series then outstanding, provided that the resulting event of default under the New York indenture with respect to such series will be deemed cured or waived, without any further action by us or any other person, if such other default is cured by us or waived by the holders of such indebtedness;

certain events of bankruptcy, insolvency or reorganization; and

any other event of default described in the applicable company order or supplemental indenture under which the series of U.S. Debt Securities is issued.
We will be required to furnish the trustee annually with an officer’s certificate as to our compliance with all conditions and covenants under the New York indenture. The New York indenture provides that the trustee may withhold notice to you of any default, except in respect of the payment of the principal of, premium, if any, or interest on the U.S. Debt Securities, if it considers it in the interests of the holders of the U.S. Debt Securities to do so.
Effect of an Event of Default
If an event of default exists (other than an event of default in the case of certain events of bankruptcy), the trustee or the holders of not less than 25% in aggregate principal amount of a series of outstanding U.S. Debt Securities may declare the principal amount, or, if the U.S. Debt Securities are original issue discount securities, the portion of the principal amount as may be specified in the terms of that series, of and all accrued but unpaid interest on all outstanding U.S. Debt Securities of that series to be due and payable immediately, by a notice in writing to us, and to the trustee if given by holders. Upon that declaration the principal (or specified) amount will become immediately due and payable. However, at any time after a declaration of acceleration has been made, but before a judgment or decree for payment of the money due has been obtained, the event of default may, without further act, be deemed to have been waived and such declaration may, without further act, be deemed to have been rescinded and annulled subject to conditions specified in the New York indenture.
If an event of default in the case of certain events of bankruptcy, insolvency or reorganization exists, the principal amount of all U.S. Debt Securities outstanding under the New York indenture shall automatically, and without any declaration or other action on the part of the trustee or any holder of such outstanding debt, become immediately due and payable.
Subject to the provisions of the New York indenture relating to the duties of the trustee, if an event of default then exists, the trustee will be under no obligation to exercise any of its rights or powers under the New York indenture (other than the payment of any amounts on the U.S. Debt Securities furnished to it pursuant to the New York indenture) at your (or any other person’s) request, order or direction, unless you have (or such other person has) offered to the trustee reasonable security or indemnity. Subject to the provisions for the security or indemnification of the trustee, the holders of a majority in aggregate principal amount of a series of outstanding U.S. Debt Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee in connection with the U.S. Debt Securities of that series.
Legal Proceedings and Enforcement of Right to Payment
You will not have any right to institute any proceeding in connection with the New York indenture or for any remedy under the New York indenture, unless you have previously given to the trustee written notice of a continuing event of default with respect to U.S. Debt Securities of that series. In addition, the holders of at least 25% in aggregate principal amount of a series of the outstanding U.S. Debt Securities must have made written request, and offered reasonable security or indemnity, to the trustee to institute that proceeding as trustee, and, within 60 days following the receipt of that notice, the trustee must not have received from the holders of a majority in aggregate principal amount of the outstanding U.S. Debt Securities of that series a direction inconsistent with that request, and must have failed to institute the proceeding.
 
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However, you will have an absolute and unconditional right to receive payment of the principal of, premium, if any, and interest on that debt security on or after the due dates expressed in the debt security and to institute a suit for the enforcement of that payment.
Modification and Waiver
Modification
We and the trustee will have the ability to modify and amend the New York indenture without the consent of the holders for certain specified purposes, including the following:

to add covenants and agreements or events of default that benefit holders;

to surrender any right or power given to us under the New York indenture;

to add, change or eliminate any restrictions on paying principal, provided such action does not have a material adverse effect on the relevant holders;

to change or eliminate any provision of the New York indenture, provided that, in the opinion of counsel, such change does not apply to any outstanding debt security;

to secure any series of debt securities or to add guarantors or co-obligors;

to cure any ambiguity or to correct or supplement any provision of the New York indenture that is defective or inconsistent with any other provision of the New York indenture or the offering documents related to the specific series of debt securities;

to make any change in any series of securities that, in the opinion of counsel, does not adversely affect in any material respect the rights of the holders of such securities; or

to prohibit the authentication and delivery of additional series of debt securities under the New York indenture.
We and the trustee will have the ability to modify and amend the New York indenture with the consent of the holders of a majority in aggregate principal amount of the outstanding U.S. Debt Securities of each series affected. However, no modification or amendment may, without the consent of the holder of each outstanding debt security affected:

extend the stated maturity of the principal of, or any installment of interest on, any outstanding debt security;

reduce the principal amount of or the interest on or any premium payable upon the redemption of any outstanding debt security;

change the currency in which the principal amount of and premium, if any, or interest on any outstanding debt security is denominated or payable;

reduce the principal amount of an original issue discount security that would be due and payable upon a declaration of acceleration of the maturity thereof;

impair your right to institute suit for the enforcement of any payment on any outstanding debt security after the stated maturity or redemption date;

materially adversely affect the economic terms of any right to convert or exchange any outstanding debt security;

reduce the percentage of the holders of outstanding U.S. Debt Securities necessary to modify or amend the New York indenture or to waive compliance with certain provisions of the New York indenture or certain defaults and consequences of such defaults; or

modify any of these provisions or any of the provisions relating to the waiver of certain past defaults or certain covenants, except to increase the required percentage to effect such action or to provide that certain other provisions may not be modified or waived without the consent of all of the holders of the U.S. Debt Securities affected.
 
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Waiver
The holders of a majority in aggregate principal amount of the outstanding U.S. Debt Securities of a series may, on behalf of the holders of all U.S. Debt Securities of that series, waive compliance by us with certain restrictive covenants of the New York indenture.
The holders of a majority in aggregate principal amount of the outstanding U.S. Debt Securities of a series may, on behalf of the holders of all U.S. Debt Securities of that series, generally waive any past default under the New York indenture and the consequences of such default. However, a default in the payment of the principal of, or premium, if any, or any interest on, any debt security of that series cannot be so waived.
Merger, Consolidation and Sale of Assets
We will not consolidate with or merge into any other entity or sell other than for cash or lease all or substantially all our assets to another entity, or purchase all or substantially all the assets of another entity, and no entity may consolidate with or merge into us, unless:

we will be the continuing entity in any merger or consolidation or the successor, transferee or lessee entity (if other than us) is a corporation organized and validly existing and expressly assumes our obligations relating to the U.S. Debt Securities;

immediately after such consolidation, merger, sale, lease or purchase, there exists no event of default, and no event which, after notice or lapse of time or both, would become an event of default; and

other conditions described in the New York indenture are met.
This covenant would not apply to a purchase by a subsidiary of all or substantially all of the assets of another entity.
Defeasance and Covenant Defeasance
The New York indenture provides that we may discharge all of our obligations with respect to any series of the U.S. Debt Securities at any time, and that we may also be released from our obligations under certain covenants and from certain other obligations, including obligations imposed by a company order or supplemental indenture with respect to that series, if any, and elect not to comply with those sections and obligations without creating an event of default. Discharge under the first procedure is called “defeasance” and under the second procedure is called “covenant defeasance.”
Defeasance or covenant defeasance may be effected only if:

we irrevocably deposit with the trustee money or U.S. government obligations or a combination thereof, as trust funds in an amount sufficient to pay and discharge each installment of principal of, premium, if any, and interest on, all outstanding U.S. Debt Securities of that series;

no event of default under the New York indenture has occurred and is continuing on the date of such deposit, other than an event of default resulting from the borrowing of funds and the grant of any related liens to be applied to such deposit; and

we deliver to the trustee an opinion of counsel to the effect that (i) the holders of the U.S. Debt Securities of that series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the deposit, defeasance and discharge or as a result of the deposit and covenant defeasance and (ii) the deposit, defeasance and discharge or the deposit and covenant defeasance will not otherwise alter those holders’ U.S. federal income tax treatment of principal and interest payments on the U.S. Debt Securities of that series and, in the case of a defeasance, this opinion is accompanied by a ruling to that effect received from or published by the Internal Revenue Service.
Payment, Exchange and Transfer
We will designate a place of payment where you can receive payment of the principal of and any premium and interest on the U.S. Debt Securities or transfer the U.S. Debt Securities. Even though we will designate a place of payment, we may elect to pay any interest on the U.S. Debt Securities by mailing a check
 
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to the person listed as the owner of the U.S. Debt Securities in the security register or by wire transfer to an account designated by that person in writing not less than ten days before the date of the interest payment. There will be no service charge for any registration of transfer or exchange of the U.S. Debt Securities, but we may require you to pay any tax or other governmental charge payable in connection with a transfer or exchange of the U.S. Debt Securities.
Governing Law
The New York indenture and the U.S. Debt Securities shall be construed in accordance with and governed by the laws of the State of New York.
Concerning the Trustee
The trustee under the New York indenture has all the duties and responsibilities of an indenture trustee specified in the TIA. The trustee is not required to expend or risk its own funds or otherwise incur financial liability in performing its duties or exercising its rights and powers if it reasonably believes that it is not reasonably assured of repayment or adequate indemnity.
Under applicable Canadian law, a Canadian licensed trust company may be required to be appointed as co-trustee under the New York indenture or any supplement to the New York indenture under which U.S. Debt Securities are issued in connection with the issuance of any such U.S. Debt Securities offered for sale in Canada and in the United States pursuant to this prospectus and a prospectus supplement. In such circumstances, we may make an application to the appropriate Canadian regulatory authorities prior to such issuance for exemptions from this and other requirements of Canadian law applicable to the indentures. If such relief is not sought or obtained, the applicable legislative requirements will be complied with at the time of the applicable offering.
Description of Warrants
We may issue warrants, including warrants to purchase debt securities or common shares, property or assets (including rights to receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies, securities or indices) as well as other types of warrants. We may issue warrants independently or together with any other securities, and they may be attached to or separate from those securities. We will issue the warrants under warrant agreements to be entered into between us and a bank or trust company, as warrant agent, that we will describe in the prospectus supplement relating to the warrants that we offer. The warrant agent will act solely as our agent in connection with the warrants and will not assume any obligation or relationship of agency or trust for or with any holders or beneficial owners of warrants.
The prospectus supplement relating to any warrants that we may offer will contain the specific terms of the warrants. These terms will include some or all of the following:

the title of the warrants;

the securities, which may include debt securities or common shares, property or assets for which you may exercise the warrants;

the price or prices at which the warrants will be issued;

the number or principal amount of securities or amount of other property or assets that you may purchase upon exercise of each warrant;

currency, currencies, or currency units, if other than in U.S. dollars, in which the warrants are to be issued or for which the warrants may be exercised;

the procedures and conditions relating to the exercise of the warrants;

the designation and terms of the other securities, if any, with which the warrants are to be issued and the number of warrants issued with each other security;

the aggregate number of warrants;
 
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any provisions for adjustment of the number or amount of securities, property or assets receivable upon exercise of the warrants or the exercise price of the warrants;

the price or prices at which the securities, property or assets purchasable upon exercise of the warrants may be purchased;

the date on and after which the warrants and the securities, property or assets purchasable upon exercise of the warrants will be separately transferable, if applicable;

a discussion of any material U.S. federal income tax or Canadian federal or provincial income tax considerations applicable to the exercise of the warrants;

the date on which the right to exercise the warrants will commence, and the date on which the right will expire;

the maximum or minimum number of warrants that may be exercised at any time;

information with respect to book-entry procedures, if any; and

any other terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.
We will also describe in the applicable prospectus supplement any provisions for a change in the exercise price or expiration date of the warrants and the kind, frequency and timing of any notice to be given. You may exchange warrant certificates for new warrant certificates of different denominations and may exercise warrants at the corporate trust office of the warrant agent or any other office that we indicate in the applicable prospectus supplement. Prior to exercise, you will not have any of the rights of holders of the debt securities or common shares purchasable upon that exercise.
Description of Units
We may issue units consisting of one or more warrants, debt securities, common shares, subscription receipts or any combination of such of our securities (but not securities of third parties), as specified in a related prospectus supplement.
Description of Subscription Receipts
We may issue subscription receipts exchangeable for common shares and/or other securities of the Company, subject to compliance with applicable law. Each subscription receipt will entitle the holder to purchase for cash the amount of specified securities at the exercise price stated or determinable in the applicable prospectus supplement for the subscription receipts. We may issue subscription receipts independently or together with any offered securities. The subscription receipts may be attached to or separate from those offered securities. We will issue the subscription receipts under subscription receipt agreements to be entered into between us and a bank or trust company, as subscription receipt agent, all as described in the applicable prospectus supplement. The subscription receipt agent will act solely as our agent in connection with the subscription receipts and will not assume any obligation or relationship of agency or trust for or with any holders or beneficial owners of subscription receipts.
The prospectus supplement relating to any subscription receipts that we may offer will contain the specific terms of the subscription receipts.
Plan of Distribution
We may offer and sell the securities offered by this prospectus from time to time as follows:

to or through underwriters or dealers for resale;

directly to other purchasers;

through designated agents; or

through a combination of any of these methods of sale.
 
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In some cases, we or dealers acting with us or on our behalf may also purchase securities and reoffer them to the public by one or more of the methods described above. This prospectus may be used in connection with any offering of the securities through any of these methods or other methods described in the applicable prospectus supplement.
The securities that we distribute by any of these methods may be sold to the public, in one or more transactions, at:

a fixed price or prices, which may be changed;

market prices prevailing at the time of sale;

prices related to prevailing market prices; or

negotiated prices.
Sales of our securities may include sales in transactions that are deemed to be “at-the-market distributions” as defined in National Instrument 44-102 — Shelf Distributions, including sales made directly on the TSX, the NYSE, or other existing trading markets for the securities, and sales pursuant to a dividend reinvestment plan. No underwriter or dealer involved in an “at-the-market distribution” as defined under applicable Canadian securities legislation, no affiliate of such underwriter or dealer and no person acting jointly or in concert with such underwriter or dealer will over-allot our securities in connection with an offering of our securities or effect any other transactions that are intended to stabilize the market price of our securities.
In connection with the sale of securities, underwriters may receive compensation from us or from purchasers of the securities, for whom they may act as agents, in the form of discounts, concessions or commissions. Underwriters may sell the securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of the securities may be deemed to be underwriters, and any discounts or commissions they receive from us, and any profit on the resale of the securities they realize may be deemed to be underwriting discounts and commissions under the Securities Act. Any such underwriter, dealer or agent will be identified, and any such compensation received will be described, in the applicable prospectus supplement.
Unless otherwise specified in the applicable prospectus supplement, each series of debt securities will be a new issue with no established trading market. We may elect to list any of the debt securities on an exchange, but are not obligated to do so. Any common shares sold pursuant to a prospectus supplement will be listed on the TSX and the NYSE, subject to official notice of issuance. It is possible that one or more underwriters may make a market in a series of the securities, but will not be obligated to do so and may discontinue any market making at any time without notice. Therefore, no assurance can be given as to the liquidity of the trading market for the securities.
If dealers are utilized in the sale of the securities, we may sell the securities to the dealers as principals or the dealers may act as our agents. If the dealers act as principal, they may then resell the securities to the public at varying prices to be determined by such dealers at the time of resale. The names of the dealers and the terms of the transaction will be set forth in the applicable prospectus supplement.
We may enter into agreements with underwriters, dealers and agents who participate in the distribution of the securities which may entitle these persons to indemnification by us against certain liabilities, including liabilities under the Securities Act, or to contribution with respect to payments which such underwriters, dealers or agents may be required to make. Any agreement in which we agree to indemnify underwriters, dealers and agents against civil liabilities will be described in the applicable prospectus supplement.
In connection with an offering (other than an “at-the-market distribution”), the underwriters may purchase and sell securities in the open market. These transactions may include short sales, stabilizing transactions and purchases to cover positions created by short sales. Short sales involve the sale by the underwriters of a greater number of securities than they are required to purchase in an offering. Stabilizing
 
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transactions consist of certain bids or purchases made for the purpose of preventing or retarding a decline in the market price of the securities while an offering is in progress.
The underwriters also may impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the underwriters have repurchased securities sold by or for the account of that underwriter in stabilizing or short-covering transactions.
These activities by the underwriters may stabilize, maintain or otherwise affect the market price of the securities. As a result, the price of the securities may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they may be discontinued by the underwriters at any time. These transactions may be effected on an exchange or automated quotation system, if the securities are listed on that exchange or admitted for trading on that automated quotation system, or in the over-the-counter market or otherwise.
If so indicated in the applicable prospectus supplement, we will authorize underwriters or other persons acting as our agents to solicit offers by certain purchasers to purchase the securities from us at the public offering price stated in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a future date. These contracts will be subject to only those conditions stated in the prospectus supplement, and the prospectus supplement will state the commission payable to the solicitor of such offers.
Underwriters, dealers and agents, and their respective affiliates and associates, may engage in transactions with or perform services for us in the ordinary course of business.
Legal Matters
Certain legal matters as to the federal law of the United States of America and the law of the State of New York will be passed upon for us by Cleary Gottlieb Steen & Hamilton LLP, New York, New York. Certain legal matters as to Canadian law will be passed upon for us by MLT Aikins LLP, Vancouver, British Columbia and Goodmans LLP, Toronto, Ontario. Legal counsel to any underwriters or agents will be named in the applicable prospectus supplement and such counsel may pass upon legal matters for such underwriters or agents.
Experts
The consolidated financial statements and schedules of Atlantic Power Corporation as of December 31, 2019 and 2018 and for each of the years in the three-year period ended December 31, 2019 and management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 2019 have been incorporated by reference herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.
 
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Base Shelf Prospectus
A copy of this preliminary short form prospectus has been filed with the securities regulatory authorities in each of the provinces and territories of Canada but has not yet become final for the purpose of the sale of securities. Information contained in this preliminary short form prospectus may not be complete and may have to be amended. The securities may not be sold until a receipt for the short form prospectus is obtained from the securities regulatory authorities.
This short form prospectus is a base shelf prospectus. This short form prospectus has been filed under legislation in each of the provinces and territories of Canada that permits certain information about these securities to be determined after this prospectus has become final and that permits the omission from this prospectus of that information. The legislation requires the delivery to purchasers of a prospectus supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities.
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This short form prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. Atlantic Power Corporation has filed a registration statement on Form S-3 with the United States Securities and Exchange Commission under the United States Securities Act of 1933, as amended, with respect to these securities. See “Plan of Distribution”.
Information has been incorporated by reference in this prospectus from documents filed with securities commissions or similar authorities in Canada. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Atlantic Power Corporation at 3 Allied Drive, Suite 155, Dedham, Massachusetts, U.S.A., 02026, telephone 617.977.2400, and are also available electronically at www.sedar.com.
PRELIMINARY SHORT FORM BASE SHELF PROSPECTUS
New Issue
August 12, 2020
[MISSING IMAGE: LG_ATLANTIC-4C.JPG]
Atlantic Power Corporation
US$250,000,000
Common Shares
Debt Securities
Warrants
Subscription Receipts
Units
Atlantic Power Corporation (the “Company”) may offer for sale and issue from time to time, in any combination: (i) common shares of the Company (“Common Shares”); (ii) debt securities of the Company (“Debt Securities”); (iii) warrants exercisable to acquire Common Shares and/or other securities of the Company (“Warrants”); (iv) subscription receipts exchangeable for Common Shares and/or other securities of the Company (“Subscription Receipts”); or (v) securities comprised of one or more of Common Shares, Debt Securities, Warrants and/or Subscription Receipts offered together as a unit (“Units”, and together with the Common Shares, the Debt Securities, the Warrants and the Subscription Receipts, the “Securities”) up
 

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to an aggregate initial offering price of US$250,000,000 (or its equivalent in Canadian dollars or any other currency or currency unit used to denominate the Securities) during the 25-month period that this short form base shelf prospectus (this “Prospectus”), including amendments hereto, remains effective.
The Company has filed a registration statement on Form S-3, as amended (File No.      ) (the “U.S. Registration Statement”), with respect to the offerings of the Securities with the United States Securities and Exchange Commission (the “SEC”) under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). The U.S. prospectus contained in the U.S. Registration Statement (the “U.S. Prospectus”) is included in and forms a part of this Prospectus other than the section in the U.S. Prospectus entitled “Where You Can Find More Information”.
The specific terms of any Securities offered will be described in one or more shelf prospectus supplements (collectively or individually, as the case may be, a “Prospectus Supplement”), and may include, where applicable: (i) in the case of Common Shares, the number of Common Shares being offered, the offering price and any other specific terms; (ii) in the case of Debt Securities, the specific designation, aggregate principal amount, whether payment on the Debt Securities will be senior or subordinated to the issuer’s other liabilities and obligations, denomination (which may be in U.S. dollars or any other currency or in units based on or relating to foreign currencies), maturity date, interest rate (which may be fixed or variable) or method of determining the interest rates, any conversion or exchange rates attached to the Debt Securities, whether the issuer may redeem the Debt Securities at its option, whether the Debt Securities will be secured by any of the Company’s assets or guaranteed by any other person and any other specific terms; (iii) in the case of Warrants, the number of Warrants being offered, the offering price, the terms, conditions and procedures for the exercise of such Warrants into or for Common Shares and/or other securities of the Company and any other specific terms; (iv) in the case of Subscription Receipts, the number of Subscription Receipts being offered, the offering price, the terms, conditions and procedures for the exchange of the Subscription Receipts into or for Common Shares and/or other securities of the Company and any other specific terms; and (v) in the case of Units, the number of Units being offered, the offering price, the terms of the Common Shares, Debt Securities, Warrants and/or Subscription Receipts, as the case may be, underlying the Units, and any other specific terms. A Prospectus Supplement may include specific variable terms pertaining to the Securities that are not within the alternatives and parameters described in this Prospectus.
All shelf information permitted under applicable laws to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers together with this Prospectus. Each Prospectus Supplement will be deemed to be incorporated by reference into this Prospectus for the purposes of securities legislation as of the date of such Prospectus Supplement and only for the purposes of the distribution of the Securities to which the Prospectus Supplement pertains.
The Company may sell Securities to or through underwriters or dealers purchasing as principals, and may also offer and sell the Securities to one or more purchasers directly or through agents, subject to any exemption from registration requirements, from time to time. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent engaged in connection with the offering and sale of Securities, and will set forth the method of distribution of such Securities, including, to the extent applicable, the proceeds to the Company and any fees, discounts or other compensation payable to such underwriters, dealers or agents and any other material terms of the plan of distribution. This prospectus qualifies an “at-the-market distribution” (as defined under applicable Canadian legislation) of the Securities.
In connection with any offering of Securities other than an “at-the-market distribution” (unless otherwise specified in the relevant Prospectus Supplement), the underwriters, dealers or agents may over-allot or effect transactions which stabilize or maintain the market price of the Securities offered at levels other than those which might otherwise prevail on the open market. Such transactions, if commenced, may be interrupted or discontinued at any time. No underwriter or dealer involved in an “at-the-market distribution” under this Prospectus, no affiliate of such an underwriter or dealer and no person or company acting jointly or in concert with such underwriter or dealer will over-allot securities in connection with such distribution or effect any other transactions that are intended to stabilize or maintain the market price of the Securities. In the event of an underwritten offering of Securities, in certain circumstances, the underwriters, dealers or agents may offer the Securities at a price lower than the offering price stated in the applicable Prospectus Supplement. See “Plan of Distribution”.
 

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The outstanding Common Shares are listed on the Toronto Stock Exchange (the “TSX”) under the symbol “ATP” and on the New York Stock Exchange (the “NYSE”) under the symbol “AT”. The closing price of the Common Shares on the TSX and on the NYSE on August 11, 2020, the last trading day before the date of this Prospectus, was Cdn$2.75 and US$2.05, respectively, per Common Share. The outstanding 6.00% series E convertible unsecured subordinated debentures due January 31, 2025 (the “Series E Debentures”) of the Company are listed on the TSX under the symbol “ATP.DB.E”. The closing price of the Series E Debentures on the TSX on August 11, 2020, the last trading day before the date of this Prospectus, was Cdn$102.41 per Cdn$100 principal amount of such debentures.
There is no market through which the Debt Securities, Warrants, Subscription Receipts or Units may be sold and purchasers may not be able to resell such securities purchased under this Prospectus. This may affect the pricing of the Debt Securities, Warrants, Subscription Receipts and Units in the secondary market, the transparency and availability of trading prices, the liquidity of such securities, and the extent of issuer regulation. See “Risk Factors — No Market for Debt Securities, Warrants, Subscription Receipts or Units”.
The Company’s earnings coverage ratios for the 12-month periods ending December 31, 2019 and June 30, 2020, calculated on the basis of the Company’s financial statements prepared in accordance with United States generally accepted accounting principles and incorporated by reference in this Prospectus, were less than one to one. See “Earnings Coverage Ratios”.
The Company’s registered office is located at 215-10451 Shellbridge Way, Richmond, British Columbia, V6X 2W8 and the Company’s head office is located at 3 Allied Drive, Suite 155, Dedham, Massachusetts, U.S.A., 02026.
An investment in the Securities is speculative and subject to a number of risks that should be considered by a prospective investor. Prospective investors should carefully review the sections entitled “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in this Prospectus and “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the U.S. Prospectus.
 

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PRIOR SALES
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EARNINGS COVERAGE RATIOS
CONSOLIDATED CAPITALIZATION
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EXEMPTIONS
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DOCUMENTS INCORPORATED BY REFERENCE
Information has been incorporated by reference in this Prospectus from documents filed with the securities commissions or similar authorities in the provinces and territories of Canada. Copies of the documents incorporated in this Prospectus by reference may be obtained on request without charge from the Corporate Secretary of the Company at 3 Allied Drive, Suite 155, Dedham, Massachusetts, U.S.A., 02026, telephone 617.977.2400. In addition, copies of the documents incorporated by reference herein may be obtained from the securities commissions or similar authorities in Canada through SEDAR at www.sedar.com.
The following documents of the Company, filed with the securities commissions or similar authorities in the provinces and territories of Canada, are specifically incorporated by reference into and form an integral part of this Prospectus:
(a)
the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2019 (the “Annual Report”), filed on SEDAR on February 27, 2020;
(b)
the consolidated financial statements of the Company as of December 31, 2019 and December 31, 2018 and for the two years ended December 31, 2019, together with the notes thereto and the auditors’ reports thereon (the “Annual Financial Statements”), filed on SEDAR on February 27, 2020;
(c)
management’s discussion and analysis of the financial condition and results of operations of the Company for the year ended December 31, 2019 (the “Annual MD&A”), filed on SEDAR on February 27, 2020;
(d)
the quarterly report on Form 10-Q of the Company for the three and six months ended June 30, 2020, together with the notes thereto (the “Q2 Financial Statements”), filed on SEDAR on August 6, 2020;
(e)
management’s discussion and analysis of the financial condition and results of operations of the Company for the three and six months ended June 30, 2020 (the “Q2 MD&A”), filed on SEDAR on August 6, 2020;
(f)
the management information circular and proxy statement of the Company dated April 28, 2020, distributed in connection with the annual and special meeting of shareholders held on June 17, 2020 (the “Circular”), filed on SEDAR on April 28, 2020;
(g)
the material change report of the Company filed in connection with the commencement of the substantial issuer bid of the Company, filed on SEDAR on March 25, 2020; and
(h)
the material change report of the Company filed in connection with the announcement of the final results of the substantial issuer bid of the Company, filed on SEDAR on May 6, 2020.
Any documents of the type required by section 11.1 of Form 44-101F1 of National Instrument 44- 101 — Short Form Prospectus Distributions to be incorporated by reference in a short form prospectus, if filed by the Company with the securities commissions or similar regulatory authorities in the provinces and territories of Canada in which this Prospectus has been filed subsequent to the date of this Prospectus and prior to the termination of the distribution, shall be deemed to be incorporated by reference in this Prospectus.
Any statement contained in a document incorporated or deemed to be incorporated by reference in this Prospectus shall be deemed to be modified or superseded for the purposes of this Prospectus to the extent that a statement contained herein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made,
 
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constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that was required to be stated or that was necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Prospectus.
Upon a new annual information form (or annual report on Form 10-K, as applicable) and related annual audited financial statements and the management’s discussion and analysis in respect thereof being filed by the Company with, and where required, accepted by, the applicable securities regulatory authorities during the currency of this Prospectus, the previous annual information form (or annual report on Form 10-K, as applicable), the previous annual audited financial statements, all interim unaudited financial statements and the management’s discussion and analysis in respect thereof, material change reports and business acquisition reports filed by the Company prior to the commencement of the Company’s fiscal year in which the new annual information form (or annual report on Form 10-K, as applicable) was filed shall be deemed no longer to be incorporated into this Prospectus for purposes of future offers and sales of Securities hereunder. Upon an interim unaudited financial statements and the management’s discussion and analysis in respect thereof being filed by the Company with the applicable securities regulatory authorities during the currency of this Prospectus, all interim unaudited financial statements and the management’s discussion and analysis in respect thereof filed prior to the new interim unaudited financial statements shall be deemed no longer to be incorporated into this Prospectus for purposes of future offers and sales of Securities hereunder. Upon a new management information circular relating to an annual meeting of shareholders of the Company being filed by the Company with the applicable securities regulatory authorities during the currency of this Prospectus, the management information circular for the preceding annual meeting of shareholders shall be deemed no longer to be incorporated by reference into this Prospectus for purposes of future offers and sales of Securities hereunder.
A Prospectus Supplement containing the specific terms of an offering of any Securities, updated disclosure of earnings interest coverage ratios (if applicable) and any additional or updated information that the Company may elect to include (provided that such information does not describe a material change that has not already been the subject of a material change report or a prospectus amendment) will be delivered to purchasers of such Securities, together with this Prospectus, and will be deemed to be incorporated into this Prospectus as of the date of such Prospectus Supplement, but only for purposes of the offering of such Securities covered by that Prospectus Supplement.
SUPPLEMENTAL CANADIAN DISCLOSURE
In accordance with the requirements of applicable securities law in each province and territory of Canada, the disclosure in the U.S. Prospectus included in this Prospectus is supplemented with the following additional disclosure.
NOTICE TO INVESTORS REGARDING GAAP
The Company prepares its financial statements in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The Annual Financial Statements and the corresponding Annual MD&A, and the Q2 Financial Statements and the corresponding Q2 MD&A, incorporated by reference in this Prospectus, have been prepared in accordance with U.S. GAAP, which differ in certain material respects from Canadian GAAP.
 
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information in this Prospectus and the documents incorporated by reference herein may constitute “forward-looking information”, as such term is used in applicable Canadian securities legislation, about the Company including its financial condition, results of operations, business strategies, operating efficiencies, synergies, revenue enhancements, competitive positions, plans and objectives of management and growth opportunities of the Company, various matters with respect to the markets for Common Shares and Debt Securities and other matters. Forward-looking information generally can be identified by the use of words such as “outlook”, “objective”, “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, “continue” or similar expressions suggesting future outcomes or events. Prospective investors should also refer to “Cautionary Note Regarding Forward-Looking Statements” in the U.S. Prospectus for further detail on such forward-looking information and statements.
Material factors or assumptions that were applied in providing forward-looking information, include, but are not limited to the Company’s future growth potential, its results of operations, future cash flows, the continued performance and business prospects and opportunities of the Company and the Projects, third party projections of regional fuel and electric capacity and energy prices, the completion of certain transactions, the Company’s ability to continue to develop and grow, the Company’s future levels of indebtedness, and the tax laws as currently in effect remaining unchanged and the current general regulatory environment and economic conditions remaining unchanged. Many of these factors or assumptions could affect the Company’s actual results and could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statement made by the Company or on its behalf.
Forward-looking information contained in this Prospectus reflects management’s current expectations regarding future events and operating performance, and speaks only as of the date of this Prospectus. Such forward-looking information is based on currently available competitive, financial and economic data and operating plans and is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or general industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Examples of such forward-looking information include, but are not limited to, statements with respect to the following:

the impact of COVID-19 on the economy and the Company’s operations, including the measures taken by governmental authorities to address it, which may precipitate or exacerbate other risks and/or uncertainties, and the possibility that a resurgence in new cases of COVID-19 might lead to reinstatement of restrictions on individuals and businesses;

the Company’s ability to generate sufficient cash flow to service its debt obligations or implement its business plan, including financing internal or external growth opportunities;

the outcome or impact of the Company’s business strategy to increase its intrinsic value on a per-share basis through disciplined management of its balance sheet and cost structure and internal investments in its fleet, external acquisitions and repurchases of debt, common and preferred securities;

the Company’s ability to renew or enter into new PPAs on favorable terms or at all after the expiration of its current agreements;·

the Company’s ability to meet the financial covenants under its senior secured term loans and other indebtedness;·

the Company’s ability to ensure that its plants operate safely and effectively;

expectations regarding maintenance and capital expenditures; and

the impact of legislative, regulatory, competitive and technological changes.
Forward-looking information involves significant risks and uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of the times at or by which such performance or results will be achieved. In addition, a number of factors could cause
 
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actual results to differ materially from the results discussed in the forward-looking information, including, but not limited to, the other risk factors under the heading “Risk Factors” in this Prospectus, under the heading “Risk Factors” in the U.S. Prospectus and other risk factors relating to the Company and the power industry, as detailed from time to time in the Company’s filings with the SEC and the Canadian Securities Administrators, including, without limitation, the Company’s most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. . The impact of any one factor on a particular piece of forward-looking information is not determinable with certainty as such factors are interdependent upon other factors, and management’s course of action would depend upon its assessment of the future considering all information then available.
The Company’s business is both highly competitive and subject to various risks. Should any risk factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Unless otherwise indicated, forward-looking information does not take into account the effect that transactions or non-recurring or other special items announced or occurring after the date it is provided may have on the business of the Company. All of the forward-looking information reflected in this Prospectus and the documents incorporated by reference herein are qualified by these cautionary statements. There can be no assurance that the results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences for the Company. Prospective investors should carefully consider the information contained under the heading “Risk factors” in the U.S. Prospectus and other information included in this Prospectus and any applicable Prospectus Supplement before making investment decisions with regard to any Securities. Forward-looking information is provided and forward-looking statements are made as of the date of this Prospectus and except as may be required by applicable law, the Company disclaims any intention and assumes no obligation to publicly update or revise such forward-looking information or forward-looking statements whether as a result of new information, future events or otherwise.
 
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[ALTERNATE PAGE FOR THE CANADIAN PROSPECTUS]
PLAN OF DISTRIBUTION
The Company may sell Securities to or through underwriters or dealers, and may also sell Securities to one or more other purchasers directly or through agents, subject to any exemption from registration requirements. The Securities may be sold from time to time in one or more transactions at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or negotiated prices, including sales in transactions that are deemed to be “at-the-market distributions” as defined in NI 44-102, including sales made directly on the TSX or other existing trading markets for the Securities. Any such transactions that are deemed “at-the-market-distributions” will be subject to regulatory approval.
Each Prospectus Supplement relating to a particular offering of Securities will set forth the terms of the offering, including the name or names of any underwriters, dealers or agents and the method of distribution of such Securities, including, to the extent applicable, the initial offering price of the Securities, the proceeds to the Company and any fees, discounts or other compensation payable to such underwriters, dealers or agents and any other material terms of the plan of distribution.
Underwriters, dealers and agents who participate in the distribution of Securities may be entitled under agreements to be entered into with the Company to indemnification by the Company against certain liabilities, including liabilities under securities legislation, or to contribution with respect to payments which they may be required to make in respect thereof. Such underwriters, dealers and agents may be customers of, engage in transactions with, or perform services for, the Company in the ordinary course of business.
Any offering of Debt Securities, Warrants, Subscription Receipts or Units will be a new issue of securities with no established trading market. Unless otherwise specified in the applicable Prospectus Supplement, the Debt Securities, Warrants, Subscription Receipts or Units will not be listed on any securities exchange. Certain dealers may make a market in the Debt Securities, Warrants, Subscription Receipts or Units, but will not be obligated to do so and may discontinue any market making at any time without notice. No assurance can be given that any dealer will make a market in the Debt Securities, Warrants, Subscription Receipts or Units or as to the liquidity of the trading market, if any, for such securities.
In connection with any offering of Securities (other than an “at-the-market distribution” and unless otherwise specified in the relevant Prospectus Supplement), the underwriters, dealers or agents may over-allot or effect transactions which stabilize or maintain the market price of the Securities offered at levels other than those which might otherwise prevail on the open market. Such transactions, if commenced, may be discontinued at any time. A purchaser that acquires Securities forming part of an over-allocation position acquires such Securities under this Prospectus, regardless of whether the over-allocation position is ultimately filled through the exercise of the over-allotment option or secondary market purchases. No underwriter, dealer or agent, no affiliate of such an underwriter, dealer or agent and no person acting jointly or in concert with such an underwriter, dealer or agent involved in an “at-the-market distribution” will over-allot Securities in connection with such distribution or effect any other transactions that are intended to stabilize or maintain the market price of the Securities.
In the event of an underwritten offering of Securities, the underwriters, dealers or agents propose to offer the Securities to the public at the offering price stated in the applicable Prospectus Supplement. After a reasonable effort has been made to sell all of the Securities at the offering price, the underwriters, dealers or agents may subsequently reduce and thereafter change, from time to time, the price at which the Securities are offered; provided that the Securities are not at any time offered at a price greater than the offering price. The compensation realized by such underwriters, dealers or agents will be decreased by the amount that the aggregate price paid by purchasers for the Securities is less than the gross proceeds paid by the underwriters, dealers or agents to the Company.
 
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RISK FACTORS
Prospective investors in a particular offering of the Securities should carefully consider, in addition to information contained in the Prospectus Supplement relating to such offering and the information incorporated, or deemed to be incorporated, by reference herein, including the risk factors, uncertainties and additional information set forth in the Company’s most recent annual report on Form 10-K, as amended, any subsequent quarterly reports on Form 10-Q and the U.S. Prospectus, for the purposes of such offering, and the risk factor listed below.
No Market for Debt Securities, Warrants, Subscription Receipts or Units
There is currently no market through which Debt Securities, Warrants, Subscription Receipts or Units that may be offered under this Prospectus and any Prospectus Supplement may be sold, and purchasers of such securities may not be able to resell such securities. No assurance can be given that an active or liquid trading market for the Debt Securities, Warrants, Subscription Receipts or Units will develop or, if developed, that such market will be sustained. This may affect the pricing of the Debt Securities, Warrants, Subscription Receipts and Units in the secondary market, the transparency and availability of trading prices and the liquidity of such securities. The public offering prices of the Debt Securities, Warrants, Subscription Receipts and Units may be determined by negotiation between the Company and underwriters based on several factors and may bear no relationship to prices at which such securities will trade in the public market subsequent to such offering. See “Plan of Distribution.”
CANADIAN TRUST INDENTURE LEGISLATION
Under applicable Canadian law, a Canadian licensed trust company may be required to be appointed as co-trustee under any or all of the indentures in connection with the issuance of any Debt Securities offered for sale in Canada and the United States pursuant to this Prospectus and a Prospectus Supplement. In such circumstances, the Company may make an application to the appropriate Canadian regulatory authorities prior to such issuance for exemptions from this and other requirements of Canadian law applicable to the indentures. If such relief is not sought and/or obtained, the applicable legislative requirements will be complied with at the time of the applicable offering.
 
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[ALTERNATE PAGE FOR THE CANADIAN PROSPECTUS]
INTERESTS OF EXPERTS
Certain legal matters relating to the offering of the Securities will be passed upon on behalf of the Company by Goodmans LLP, the Company’s Canadian counsel, and by Cleary Gottlieb Steen & Hamilton LLP, the Company’s U.S. counsel. As at the date hereof, the partners and associates of Goodmans LLP, as a group, beneficially own, directly or indirectly, less than 1% of the securities of the Company, and the partners and associates of Cleary Gottlieb Steen & Hamilton LLP, as a group, beneficially own, directly or indirectly, less than 1% of the securities of the Company. If any underwriters or dealers named in a Prospectus Supplement retain their own counsel to pass upon legal matters relating to the Securities, such counsel will be named in such Prospectus Supplement.
KPMG LLP, as auditors of the Company, has advised the Company that it is independent in accordance with the auditor’s rules of professional conduct in the United States and has complied with the SEC’s rules on auditor independence.
AUDITORS, TRANSFER AGENT AND REGISTRAR
The auditors of the Company are KPMG LLP, an independent registered public accounting firm, 345 Park Avenue, New York, NY 10154.
The transfer agent and registrar for the Common Shares is Computershare Investor Services Inc. at its principal office in Toronto, Ontario.
Pursuant to a decision granted by the Autorité des marchés financiers (the “AMF”), the securities regulatory authority in the Province of Québec, on July 30, 2020, the Company was granted a permanent exemption (the “AMF Exemption”) from the requirement to file French language versions of this prospectus as well as the documents incorporated by reference therein and any prospectus supplement to be filed in relation to an “at-the-market” distribution. This exemption is granted on the condition that this prospectus and any prospectus (other than in relation to an “at-the-market” distribution) be translated into French if the Company offers securities to Québec purchasers in connection with an offering other than in relation to an “at-the-market” distribution.
SERVICE OF PROCESS AND ENFORCEABILITY OF LIABILITIES
Each of James J. Moore, Jr., President, Chief Executive Officer and a director of the Company, Terrence Ronan, Executive Vice President and Chief Financial Officer of the Company, Danielle S. Mottor, a director of the Company, R. Foster Duncan, a director of the Company, and Kevin T. Howell, a director of the Company, resides outside of Canada. Each such individual has appointed GODA Incorporators Inc., Bay Adelaide Centre, 333 Bay Street, Suite 3400, Toronto, Ontario, M5H 2S7 as its agent for service of process in the Province of Ontario. Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process.
PURCHASERS’ STATUTORY RIGHTS OF RESCISSION AND WITHDRAWAL
Securities legislation in some provinces and territories of Canada provides purchasers of securities with the right to withdraw from an agreement to purchase securities and with remedies for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser are not sent or delivered to the purchaser. However, purchasers of the Securities distributed under an “at-the-market distribution” by the Company do not have the right to withdraw from an agreement to purchase the Securities and do not have remedies of rescission or, in some jurisdictions, revisions of the price, or damages for non-delivery of the prospectus, prospectus supplement, and any amendment relating to the Securities purchased by such purchaser because the prospectus, prospectus supplement, and any amendment relating to the Securities purchased by such
 
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purchaser will not be sent or delivered, as permitted under Part 9 of NI 44-102 or applicable exemptions granted from the prospectus delivery requirements.
Securities legislation in some provinces and territories of Canada further provides purchasers with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser contains a misrepresentation. Those remedies must be exercised by the purchaser within the time limit prescribed by securities legislation. Any remedies under securities legislation that a purchaser of the Securities distributed under an “at-the-market distribution” by the Company may have against the Company or its agents for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser contain a misrepresentation will remain unaffected by the non-delivery of the prospectus referred to above.
A purchaser’s rights and remedies under applicable securities legislation against any dealer underwriting or acting as an agent for the Company in an “at-the-market distribution” will not be affected by such dealer’s decision to effect any such distribution directly or through a selling agent.
 
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[ADDITIONAL PAGE FOR THE CANADIAN PROSPECTUS]
PURCHASERS’ CONTRACTUAL RIGHTS
Original purchasers of Securities which are convertible or exchangeable into other securities of the Company will have a contractual right of rescission following the conversion or exchange of such Securities in the event that this Prospectus, as supplemented by the Prospectus Supplement pursuant to which such Securities are issued, or any amendment thereto contains a misrepresentation. The contractual right of rescission will entitle such original purchasers to receive from the Company, upon surrender of the applicable underlying securities issued upon conversion or exchange of such Securities, the amount paid for such Securities, provided that: (i) the conversion or exchange takes place within 180 days of the date of the purchase of the convertible or exchangeable Securities under this Prospectus, as supplemented by the Prospectus Supplement pursuant to which such Securities are issued; and (ii) the right of rescission is exercised within 180 days of the date of the purchase of such convertible or exchangeable Securities under this Prospectus, as supplemented by the Prospectus Supplement pursuant to which such Securities are issued.
Original purchasers of Securities which are convertible or exchangeable into other securities of the Company are further advised that in an offering of such Securities, the statutory right of action for damages for a misrepresentation contained in a prospectus is, under the securities legislation of certain provinces and territories, limited to the price at which the convertible or exchangeable security was offered to the public under the prospectus offering. Accordingly, any further payment made at the time of conversion or exchange of the security may not be recoverable in a statutory action for damages in such provinces or territories. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory for the particulars of this statutory right of action for damages, or consult with a legal advisor.
UNITED STATES PROSPECTUS
The text of the U.S. Prospectus, which forms part of the U.S. Registration Statement filed with the SEC, is attached and forms a part of this Prospectus other than the section in the U.S. Prospectus entitled “Where You Can Find More Information.” All securities purchased under this Prospectus, including securities purchased by Canadian investors, will also be registered pursuant to the U.S. Registration Statement under the U.S. Securities Act. The U.S. Securities Act affords certain protections in relation to the U.S. Prospectus.
 
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[ADDITIONAL PAGE FOR THE CANADIAN PROSPECTUS]
CERTIFICATE OF THE COMPANY
Dated: August 12, 2020
This short form prospectus, together with the documents incorporated by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by this short form prospectus as required by the securities legislation of each of the provinces and territories of Canada.
ATLANTIC POWER CORPORATION
By: (Signed) JAMES J. MOORE, JR.
Chief Executive Officer
By: (Signed) TERRENCE RONAN
Chief Financial Officer
ATLANTIC POWER CORPORATION
On Behalf of the Board of Directors
By: (Signed) KEVIN T. HOWELL
Director
By: (Signed) RICHARD FOSTER DUNCAN
Director
 
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14.   Other Expenses of Issuance and Distribution.
The following table sets forth the expenses (all of which except the SEC registration fee are estimated) to be paid by the registrant in connection with the issuance and distribution of the securities being registered, other than underwriting discounts and commissions.
SEC registration fee
$ 32,450(1)
Legal fees and expenses
*
Accounting fees and expenses
*
Printing and related expenses
*
Trustee fees and expenses
*
Miscellaneous expenses
*
Total
$ *
*
An estimate of the aggregate amount of these expenses will be reflected in the applicable prospectus supplement.
(1)
Pursuant to Rule 457(p) under the Securities Act, a registration fee of $31,125 was paid with respect to securities available for issuance under a Registration Statement on Form S-3 (Registration No. 333-221903) initially filed by the registrant on December 5, 2017 and declared effective on December 18, 2017 (the “Prior Registration Statement”). Pursuant to Rule 457(p), $18,675 is presently available for offset. $18,675 of the $32,450 registration fee associated with this registration statement is hereby offset against the prepaid registration fees made in connection with the securities available for issuance under the Prior Registration Statement. Pursuant to Rule 415(a)(6), the offering of the unsold securities registered under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this registration statement.
Item 15.   Indemnification of Directors and Officers.
Under the Business Corporations Act (British Columbia), which we refer to as the “BC Act,” we may indemnify a present or former director or officer or a person who acts or acted at our request as a director or officer of another corporation or one of our affiliates, and his or her heirs and personal representatives, against all costs, charges and expenses, including legal and other fees and amounts paid to settle an action or satisfy a judgment, actually and reasonably incurred by him or her including an amount paid to settle an action or satisfy a judgment in respect of any legal proceeding or investigative action to which he or she is made a party by reason of his or her position and provided that the director or officer acted honestly and in good faith with a view to the best interests of the Company or such other corporation, and, in the case of a criminal or administrative action or proceeding, had reasonable grounds for believing that his or her conduct was lawful. Other forms of indemnification may be made with court approval.
In accordance with our Articles, we shall indemnify every director or former director, or may, subject to the BC Act, indemnify any other person. We have entered into indemnity agreements with our directors and executive officers, whereby we have agreed to indemnify the directors and officers to the extent permitted by our Articles and the BC Act.
Our Articles permit us, subject to the limitations contained in the BC Act, to purchase and maintain insurance on behalf of any present or former director, employee or agent of the Company and certain other persons. We currently maintain three insurance policies under which our directors and officers are insured, within the limits and subject to the limitations of the policies, against certain expenses in connection with the defense of, and certain liabilities that might be imposed as a result of, actions, suits or proceedings to which they are parties by reason of being or having been such directors or officers.
The foregoing summaries are necessarily subject to the complete text of the statute and our Articles, and the arrangements referred to above are qualified in their entirety by reference thereto.
 
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The underwriters or agents on whose behalf the agreements listed as Exhibits 1.1 and 1.2 to this registration statement will agree in those agreements to indemnify our directors and officers within the meaning of the Securities Act against certain liabilities that might arise out of or are based upon certain information furnished to us by any such underwriter or agent or to contribute to payments that may be required to be made in respect of these liabilities.
Item 16.   Exhibits.
A list of exhibits filed with this registration statement on Form S-3 is set forth on the Exhibit Index and is incorporated herein by reference.
Item 17.   Undertakings.
1.   The undersigned Registrant hereby undertakes:
a.   To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
i.   To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;
ii.   To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and
iii.   To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
provided, however, that the undertakings set forth in paragraphs (i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
b.   That, for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
c.   To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
d.   That, for the purpose of determining liability under the Securities Act of 1933, as amended, to any purchaser:
i.   Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and
ii.   Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to
 
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Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933, as amended, shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.
e.   That, for the purpose of determining liability of the Registrant under the Securities Act of 1933, as amended, to any purchaser in the initial distribution of the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
i.   any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;
ii.   any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;
iii.   the portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and
iv.   any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.
2.   That, for purposes of determining any liability under the Securities Act of 1933, as amended, each filing of the Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934, as amended), that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
3.   The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act.
 
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INDEX TO EXHIBITS
Exhibit No.
Description
 1.1* Form of Underwriting Agreement for debt securities.
 1.2* Form of Underwriting Agreement for common shares, warrants, units and subscription agreements.
 3.1 Articles of Continuance of Atlantic Power Corporation, dated as of June 29, 2010 (incorporated by reference to Exhibit 3.1 to our Registration Statement on Form 10-12B filed on July 9, 2010).
 4.1 Form of common share certificate (incorporated by reference to Exhibit 4.1 to our Registration Statement on Form 10-12B filed on April 13, 2010).
 4.2 Trust Indenture Providing for the Issue of Convertible Unsecured Subordinated Debentures, dated as of December 17, 2009, between Atlantic Power Corporation and Computershare Trust Company of Canada (incorporated by reference to Exhibit 4.4 to our Registration Statement on Form 10-12B filed on April 13, 2010).
 4.3 Fourth Supplemental Indenture to the Trust Indenture Providing for the Issue of Convertible Unsecured Subordinated Debentures, dated as of November 29, 2012, among Atlantic Power Corporation, Computershare Trust Company of Canada and Computershare Trust Company, N.A. (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on November 30, 2012).
 4.4 Form of New York indenture (incorporated by reference to Exhibit 4.3 to our Registration Statement on Form S-3ASR filed on August 8, 2012) (File No. 333-183135).
 4.5 Form of subordinated debenture (included in Exhibit 4.2).
 4.6 Form of senior debenture (included in Exhibit 4.4).
 4.7* Form of warrant agreement.
 4.8* Form of warrant certificate.
 4.9* Form of unit agreement.
 4.10* Form of unit certificate.
 4.11* Form of subscription receipt agreement.
 4.12* Form of subscription receipt certificate.
 5.1 Opinion of MLT Aikins LLP.
 5.2 Opinion of Goodmans LLP.
 5.3 Opinion of Cleary Gottlieb Steen & Hamilton LLP.
23.1 Consent of MLT Aikins LLP (included in Exhibit 5.1).
23.2 Consent of Goodmans LLP (included in Exhibit 5.2).
23.3 Consent of Cleary Gottlieb Steen & Hamilton LLP (included in Exhibit 5.3).
23.4 Consent of KPMG LLP.
24.1 Power of Attorney (included on signature page hereof).
25.1 Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of Computershare Trust Company, N.A., as trustee under the Trust Indenture Providing for the Issue of Convertible Unsecured Subordinated Debentures, dated as of December 17, 2009, as supplemented by the Fourth Supplemental Indenture, dated as of November 29, 2012.
25.2 Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of Computershare Trust Company of Canada, as trustee under the Trust Indenture Providing for the Issue of Convertible Unsecured Subordinated Debentures, dated as of December 17, 2009, as supplemented by the Fourth Supplemental Indenture, dated as of November 29, 2012.
25.3** Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of the trustee under the New York indenture.
*
To be filed as an exhibit to a Current Report on Form 8-K and incorporated by reference herein.
**
To be filed in accordance with the Trust Indenture Act of 1939, as amended.
 
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town of Dedham, The Commonwealth of Massachusetts, on the 12th day of August, 2020.
ATLANTIC POWER CORPORATION
By:
/s/ JAMES J. MOORE, JR.
James J. Moore, Jr.
President, Chief Executive Officer
(Principal Executive Officer)
SIGNATURES AND POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned officers and directors of Atlantic Power Corporation, hereby severally constitute James J. Moore, Jr., Terence Ronan and Jeffrey S. Levy our true and lawful attorneys with full power to sign for us and in our names in the capacities indicated below and in such other capacities as the undersigned may from time to time serve in the future, the registration statement filed herewith and any and all amendments (including post-effective amendments) to said registration statement (or any registration statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended), and generally to do all such things in our names and in our capacities as officers and directors to enable Atlantic Power Corporation to comply with the provisions of the Securities Act of 1933, as amended, and all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys to said registration statement and any and all amendments thereto.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ JAMES J. MOORE, JR.
James J. Moore, Jr.
President, Chief Executive Officer and Director (principal executive officer)
August 12, 2020
/s/ TERRENCE RONAN
Terrence Ronan
Executive Vice President and Chief Financial Officer (principal financial and accounting officer)
August 12, 2020
/s/ KEVIN T. HOWELL
Kevin T. Howell
Chairman of the Board
August 12, 2020
/s/ RICHARD FOSTER DUNCAN
Richard Foster Duncan
Director
August 12, 2020
/s/ DANIELLE S. MOTTOR
Danielle S. Mottor
Director
August 12, 2020
/s/ GILBERT S. PALTER
Gilbert S. Palter
Director
August 12, 2020
 
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SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT
Pursuant to the Securities Act, the undersigned, the duly authorized representative in the U.S. of Atlantic Power Corporation, has signed this registration statement or amendment thereto on August 12, 2020.
By:
/s/ TERRENCE RONAN
Terrence Ronan
 
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Exhibit 5.1

 

August 12, 2020

 

Atlantic Power Corporation
3 Allied Drive, Suite 155
Dedham, Massachusetts
USA 02026

 

Re:         Form S-3 Registration Statement

 

Dear Sirs/Mesdames:

 

We have acted as Canadian counsel to Atlantic Power Corporation (the “Company”) in the Province of British Colombia, Canada (the “Province”), in connection with the above-referenced Registration Statement on Form S-3 (the “Registration Statement”) filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), relating to the proposed public offering from time to time by the Company of: (A) common shares in its capital, no par value (the “Common Shares”); (B) Debt Securities (as defined herein); (C) warrants exercisable to purchase Debt Securities or Common Shares, property or assets as well as other types of warrants (the “Warrants”); (D) units consisting of one or more Warrants, Debt Securities, Common Shares, Subscription Receipts (as defined herein) or any combination of the Company’s securities (the “Units”); and (E) subscription receipts to purchase the Company’s equity securities or Debt Securities (“Subscription Receipts” and collectively with the Common Shares, Debt Securities, Warrants and Units, the “Securities”).

 

The Securities may be sold by the Company from time to time as set forth in the Registration Statement, the prospectus which forms a part of the Registration Statement (the “Prospectus”) and as to be set forth in one or more supplements to the Prospectus (each, a “Prospectus Supplement”). The Debt Securities will be issued in one or more series and may be issued under either (i) that certain Trust Indenture, dated as of December 17, 2009, between the Company and Computershare Trust Company of Canada, as Trustee, as supplemented by a fourth supplemental indenture, dated as of November 29, 2012, and as further supplemented by the seventh supplemental indenture dated January 29, 2018 between such parties (the “Canadian Indenture”) or (ii) a New York law-governed indenture to be entered into between the Company and a trustee to be named therein, the form of which is filed as an exhibit to the Registration Statement (the “U.S. Indenture”). We refer herein to the Securities issued under the Canadian Indenture or the US Indenture as the “Debt Securities”.

 

In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of:

 

 

 

(i)                 the Registration Statement;

 

(ii)               for the Company, its Certificate of Continuance, Notice of Articles and Articles (collectively herein referred to as the “Constating Documents”);

 

(iii)               the resolutions of the board of directors of the Company (the “Board”) adopted on August 10, 2020 (the “Company Resolutions”) relating to, amongst other matters, the registration of the Securities;

 

(iv)               a certificate of good standing for the Company dated as of August 11, 2020, issued by the Registrar of Companies of British Columbia (the “Certificate of Good Standing”); and

 

(v)                an officer’s certificate of the Company (the “Officer Certificate”) dated as of the date hereof, as to certain factual matters affecting the Company, and certifying copies of the Constating Documents and the Company Resolutions, as applicable.

 

In addition, we have conducted such other investigations and examinations as we have deemed necessary to give the opinions hereinafter expressed, and we have examined originals, or copies identified to our satisfaction, of such minute books and other records of the Company, certificates of directors, officers and public officials and such other resolutions, certificates and documents as we have deemed necessary to give the opinions hereinafter expressed. We have also examined such other statutes and documents and have considered such questions of law as we have considered necessary for the purpose of rendering the opinions set forth below.

 

Assumptions and Reliances

 

In arriving at the opinion expressed below, we have relied on, without independent investigation, and have assumed:

 

(i) the genuineness of all signatures on each document that we have examined;

 

(ii) the authenticity of all documents submitted to us as originals, the conformity with the originals of all documents submitted to us as copies, whether photostatic, telecopied or otherwise;

 

(iii) the legal power, capacity and authority of all natural persons signing in their individual capacity;

 

(iv) that the Board, including any appropriate committee appointed thereby, and appropriate officers of the Company will take all necessary corporate action to approve the issuance, if any, of any Securities (each, a “Board Action”) and such action will be consistent with the procedures and terms described in the Registration Statement and in accordance with the Constating Documents, applicable laws of the Province, and the rules and regulations of the Toronto Stock Exchange; and

 

(v) the accuracy of all factual matters contained in the Officer Certificate and the attachments thereto.

 

For the purposes of the opinion expressed in paragraph 1 below relating to the corporate existence of the Company, we have relied on the Constating Documents and the Certificate of Good Standing for the Company and we have assumed no change in status of such entity from the date of such certificate.

 

2

 

 

Limitations

 

We express no opinion herein:

 

(i) with respect to the laws of any jurisdiction other than the Province and the federal laws of Canada applicable therein which are in effect on the date hereof (“Applicable Laws”); or

 

(ii) for clarity, with respect to any federal or state law of the United States.

 

Additionally, we disclaim any obligation to advise the addressee of this opinion or any other person of any change in law or any fact which may come or be brought to our attention after the date of hereof. This opinion is rendered solely with respect to the Applicable Laws, as of the date hereof.

 

Opinions

 

Based upon, subject to and limited by the foregoing, we are of the opinion that, as of the date hereof:

 

1. The Company is validly existing as a corporation under the laws of the Province and is up to date with respect to the filing of annual returns under the Business Corporations Act (British Columbia).

 

2. With respect to the issuance of Common Shares (including Common Shares issuable upon conversion of or exchange for any other Security), when: (i) the Board has taken the appropriate Board Action to approve and establish the terms of such Common Shares issuance and to authorize and approve the issuance thereof, the terms of the offering thereof and related matters; and (ii) upon issuance and delivery of the Common Shares against payment of valid and sufficient consideration therefor in accordance with the terms of such, or other applicable, Board Action and any applicable underwriting or purchase agreement, and as contemplated by the Registration Statement and/or the applicable Prospectus Supplement, such shares of Common Shares will be legally issued, fully paid and non-assessable.

 

3. The Debt Securities will, when authorized for issuance by the Board by all necessary Board Action and, when the final terms of the applicable Debt Securities have been duly established and approved by the Board and such Debt Securities are issued and delivered against payment of valid and sufficient consideration in accordance with the terms of the Canadian Indenture or U.S. Indenture, as applicable, such Debt Securities will be validly issued.

 

4. The Warrants will, when authorized for issuance by the Board by all necessary Board Action and, when the final terms of the applicable Warrants have been duly established and approved by the Board and such Warrants are issued and delivered against payment of valid and sufficient consideration in accordance with the terms of the applicable Warrant agreement, such Warrants will be validly issued.

 

5. The Units will, when authorized for issuance by the Board by all necessary Board Action and, when the final terms of the applicable Units have been duly established and approved by the Board and such Units are issued and delivered against payment of valid and sufficient consideration in accordance with the terms of the applicable Unit agreement, such Units will be validly issued.

 

6. The Subscription Receipts will, when authorized for issuance by the Board by all necessary Board Action and, when the final terms of the applicable Subscription Receipts have been duly established and approved by the Board and such Subscription Receipts are issued and delivered against payment of valid and sufficient consideration in accordance with the terms of the applicable Subscription Receipt agreement, such Subscription Receipt will be validly issued.

 

3

 

 

We understand that you wish to file this opinion letter as an exhibit to the Registration Statement, and we hereby consent thereto.  Such consent is not an admission that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations promulgated thereunder.

 

Very truly yours,

 

/s/ MLT Aikins

 

4

 

 

 

Exhibit 5.2

 

 

 

August 12, 2020

 

Atlantic Power Corporation
3 Allied Drive, Suite 155
Dedham, Massachusetts 02026

 

Dear Sirs/Mesdames:

 

Re: Debt Securities Registered under Registration Statement on Form S-3

 

We are acting as Ontario counsel to Atlantic Power Corporation (the “Company”) in connection with the Registration Statement on Form S-3, as amended or supplemented (the “Registration Statement”) filed by the Company with the Securities and Exchange Commission under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) relating to the proposed public offering from time to time by the Company of (i) common shares, no par value, in the capital of the Company (the “Common Shares”), (ii) subordinated debt securities of the Company (the “Debt Securities”) to be issued under the trust indenture (the “Indenture”) dated as of December 17, 2009 between the Company and Computershare Trust Company of Canada (the “Canadian Trustee”), as Canadian trustee, as supplemented by the fourth supplemental indenture dated November 29, 2012 among the Company, the Canadian Trustee and Computershare Trust Company, N.A. (the “U.S. Trustee” and together with the Canadian Trustee, the “Trustees”), as U.S. trustee, as supplemented by the seventh supplemental indenture dated January 29, 2018, among the Company and the Trustees, as supplemented by one or more supplemental indentures (each a “Supplement” and, each such Supplement together with the Indenture, a “Supplemented Indenture”) to be entered into between the Company and the Trustees respecting the Debt Securities that may be offered and issued in the amount, at the price and on the terms set forth in the applicable Prospectus Supplement (as defined below), (iii) senior debt securities of the Company to be issued under an indenture governed by the laws of the State of New York, proposed to be entered into between the Company and an indenture trustee to be named therein, (iv) warrants exercisable to acquire Common Shares and/or other securities of the Company (the “Warrants”), (v) subscription receipts exchangeable for Common Shares and/or other securities of the Company (the “Subscription Receipts”), and (vi) securities comprised of one or more of Common Shares, Debt Securities, Warrants and/or Subscription Receipts offered together as a unit. The Registration Statement provides that Debt Securities may be offered and issued in one or more series, in amounts, at prices and on terms to be set forth in one or more prospectus supplements (each a “Prospectus Supplement”) to the prospectus contained in the Registration Statement.

 

In connection with the opinion set out below, we have examined such records and proceedings of the Company, the originals or copies, certified or otherwise identified to our satisfaction, of certificates of public officials and officers or directors of the Company and such other documents, and have considered such questions of law and made such other investigations, as we have deemed relevant or necessary as a basis for the opinion hereinafter expressed.

 

Page 2

 

Assumptions

 

We have assumed the following with respect to the opinion expressed herein:

 

(a) the genuineness of all signatures on documents examined by us, the legal capacity of individuals signing any documents, the authenticity and completeness of all documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as certified, conformed, faxed, electronic or photostatic copies;

 

(b) the Company is validly continued and existing pursuant to the laws of the Province of British Columbia, has the corporate power and capacity to execute, deliver and perform its obligations under the Supplemented Indenture and the Debt Securities; and

 

(c) the Trustees are validly incorporated and existing pursuant to the laws of the jurisdiction of their incorporation or formation, have the corporate or other power and capacity to execute, deliver (and, in the case of the Debt Securities, certify) and perform their obligations under the Supplemented Indenture and the Debt Securities.

 

Law

 

Our opinion set out below is limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein as of the date of this opinion letter (“Ontario Law”), and we express no opinion as to any laws, or any matters governed by any laws, other than Ontario Law. Additionally, we disclaim any obligation to update this opinion after the date of effectiveness of the Registration Statement to which this opinion is an exhibit.

 

Opinion

 

Based upon and relying on the assumptions set out above, and subject to the qualifications and limitations set forth herein, we are of the opinion that, upon (i) the due authorization by the Company of the amount, price, terms and issuance of the Debt Securities and the execution, delivery and performance by the Company of all of its obligations thereunder and under the Supplemented Indenture pursuant to which such Debt Securities are issued; (ii) the due execution and delivery of such Supplemented Indenture by each of the Company and the Trustees; and (iii) the due execution, certification, issuance and delivery of such Debt Securities in accordance with the terms of such Supplemented Indenture against payment of valid and sufficient consideration therefor, such Debt Securities will constitute valid and legally binding obligations of the Company.

 

Page 3

 

Qualifications

 

The foregoing opinion is subject to the following qualifications, limitations and restrictions:

 

(a) the enforceability of each of the Debt Securities and the Supplemented Indenture is subject to (i) any applicable bankruptcy, insolvency, fraudulent conveyance or transfer, equitable subordination, reorganization, arrangement, winding-up, moratorium or other similar laws relating to or affecting creditors’ rights generally and the powers of a court to grant relief against penalties and forfeitures or to stay proceedings before it and to stay executions and judgments; (ii) general principles of equity, including, without limitation, that equitable remedies (including, without limitation, specific performance and injunction) may be granted only in the discretion of a court of competent jurisdiction; and (iii) the Limitations Act, 2002 (Ontario);

 

(b) we express no opinion as to the enforceability of any provision of the Debt Securities or the Supplemented Indenture (i) directly or indirectly purporting to exclude unwritten variations, modifications, amendments, waivers or consents or to establish evidentiary standards; (ii) purporting to make the Company responsible for any actions or omissions of any of the Trustees, the holders of the Debt Securities, or their agents or purporting to relieve any of the Trustees, the holders of the Debt Securities or their agents from the consequence of their own negligence or responsibility for their own acts; (iii) which grants rights to any person not a party thereto; or (iv) which grants a power of attorney in favour of another party;

 

(c) an Ontario court may decline jurisdiction in an action or proceeding to enforce the Debt Securities or the Supplemented Indenture on the basis that it is not a convenient forum or that concurrent or prior proceedings have been brought elsewhere, notwithstanding the provisions of any of the Debt Securities or the Supplemented Indenture purporting to waive the right to raise any such objection to the jurisdiction of an Ontario court; and

 

(d) a judgment of a Canadian court may be awarded only in Canadian currency and such judgments may be based on a rate of exchange in existence on a date other than the date of payment.

 

Page 4

 

This opinion letter is given to you for use in connection with the offer and sale of the Debt Securities while the Registration Statement is in effect and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the U.S. Securities Act.

 

We hereby consent to the use of this opinion as an exhibit to the Registration Statement and to the use of our name where it appears in the Registration Statement. In giving our consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the U.S. Securities Act or the rules and regulations thereunder.

 

Yours very truly,

 

/s/ Goodmans LLP

 

 

 

Exhibit 5.3

 

  

Writer’s Direct Dial: (212) 225-2650

E-Mail: cbrod@cgsh.com 

 

August 12, 2020

Atlantic Power Corporation
3 Allied Drive, Suite 155
Dedham, Massachusetts 02026

 

Re: Registration Statement on Form S-3 of Atlantic Power Corporation

 

Ladies and Gentlemen:

 

We have acted as special United States counsel to Atlantic Power Corporation, a corporation governed by the laws of the Province of British Columbia (the “Company”), in connection with the preparation and filing with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), of the Company’s registration statement on Form S-3 dated August 12, 2020 (including the documents incorporated by reference therein but excluding Exhibit 25, the “Registration Statement”), relating to the offering from time to time, as set forth in the Registration Statement, of (i) unsecured senior or subordinated debt securities of the Company (together, the “Debt Securities”); (ii) common shares of the Company (the “Common Shares”); (iii) warrants to purchase Common Shares and/or other securities of the Company (the “Warrants”); (iv) subscription receipts to purchase Common Shares and/or other securities of the Company (the “Subscription Receipts”); and (v) units, each consisting of one or more Common Shares, Debt Securities, Warrants and/or Subscription Receipts or any combination thereof (the “Units”). The Debt Securities, Warrants, Subscription Receipts and Units are referred to herein collectively as the “Securities.”

 

The Common Shares and the Securities being registered under the Registration Statement will be offered on a continuous or delayed basis pursuant to the provisions of Rule 415 under the Securities Act.

 

The senior Debt Securities (the “Senior Debt Securities”) are to be issued in one or more series in accordance with the provisions of an indenture (the “Senior Indenture”) to be entered into among the Company and one or more trustees to be named therein. The subordinated Debt Securities (the “Subordinated Debt Securities”) are to be issued in one or more series in accordance with the provisions of an indenture dated as of December 17, 2009 (the “Original Subordinated Indenture”), as amended by a fourth supplemental indenture dated as of November 29, 2012 (the “Fourth Supplement” and, together with the Original Subordinated Indenture, and as further amended or supplemented, the “Subordinated Indenture”) among the Company and the trustees named therein. The Senior Indenture and the Subordinated Indenture together are referred to herein as the “Indentures.”

 

 

 

Atlantic Power Corporation, p. 2

 

The Warrants are to be issued from time to time under one or more warrant agreements (each such warrant agreement, a “Warrant Agreement”) to be entered into between the Company and the warrant agent to be named therein. The Subscription Receipts are to be issued from time to time under one or more subscription receipt agreements (each such subscription receipt agreement, a “Subscription Receipt Agreement”) to be entered into between the Company and the subscription receipt agent to be named therein. The Units are to be issued from time to time under one or more unit agreements (each such unit agreement, a “Unit Agreement”) to be entered into between the Company and the unit agent to be named therein.

 

In arriving at the opinions expressed below, we have reviewed the following documents:

 

(a) the Registration Statement;

 

(b) the form of Senior Indenture, including the form of Senior Debt Security, filed as exhibits to the Registration Statement; and

 

(c) an executed copy of the Original Subordinated Indenture and the Fourth Supplement, including the form of Subordinated Debt Security, filed as exhibits to the Registration Statement.

 

In addition, we have made such investigations of law as we have deemed appropriate as a basis for the opinions expressed below.

 

In rendering the opinions expressed below, we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted to us as copies. In addition, we have assumed and have not verified the accuracy as to factual matters of each document we have reviewed.

 

Based on the foregoing, and subject to the further assumptions and qualifications set forth below, it is our opinion that:

 

1.       The Senior Debt Securities will be the valid, binding and enforceable obligations of the Company, entitled to the benefits of the Senior Indenture.

 

2.       The Subordinated Indenture has been qualified under the Trust Indenture Act of 1939, as amended.

 

3.       The Warrants will be the valid, binding and enforceable obligations of the Company.

 

Atlantic Power Corporation, p. 3

 

4.       The Subscription Receipts will be the valid, binding and enforceable obligations of the Company.

 

5.       The Units will be the valid, binding and enforceable obligations of the Company.

 

Insofar as the foregoing opinions relate to the validity, binding effect or enforceability of any agreement or obligation of the Company, (a) we have assumed that the Company and each other party to such agreement or obligation has satisfied or, prior to the issuance of the Securities, will satisfy, those legal requirements that are applicable to it to the extent necessary to make such agreement or obligation enforceable against it, (b) we have assumed that any Securities denominated in a currency other than U.S. dollars will comply in all respects with the applicable law of the country in whose currency such Securities are denominated in respect of the use of or payment in such currency, (c) we have assumed that at the time of the issuance, sale and delivery of each Security, the authorization thereof by the Company will not have been modified or rescinded and there will not have occurred any change in law affecting the validity, binding effect and enforceability of such Security, (d) such opinions are subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity, (e) such opinions are subject to the effect of judicial application of foreign laws or foreign governmental actions affecting creditors’ rights and (f) we express no opinion with respect to any mandatory choice of law rules.

 

In rendering the opinions expressed above, we have further assumed that (i) the Registration Statement will be effective and will comply with all applicable law at the time the Securities are offered or issued as contemplated by the Registration Statement; (ii) prior to the issuance of the Securities, the Company will authorize the offering and issuance of the Securities and will duly authorize, approve and establish the final terms and conditions thereof, which terms will conform to the descriptions thereof in the Registration Statement and, in the case of the Debt Securities, to the terms of the applicable Indenture, and will not violate any applicable law, conflict with any matter of public policy, result in a default under or breach of any agreement or instrument binding upon the Company or violate any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company; (iii) prior to the issuance of the Securities, the Company will have duly authorized, executed and delivered any applicable Indenture, Warrant Agreement, Subscription Receipt Agreement, Unit Agreement or other agreement necessary with respect to or governing the Securities or contemplated by such Securities or the Registration Statement, and will take any other appropriate additional corporate action, and the Senior Indenture will conform to the form of Senior Indenture filed as an exhibit to the Registration Statement; (iv) the Securities (other than the Subordinated Debt Securities) and any agreements governing or receipts evidencing the Securities (other than the Subordinated Debt Securities) will be governed by New York law (including any relevant Warrant Agreement, Subscription Receipt Agreement or Unit Agreement); (v) the Securities will be offered, issued, sold and delivered in compliance with applicable law and any requirements therefor set forth in any corporate action authorizing such Securities and any agreement governing those Securities and in the manner contemplated by the Registration Statement; (vi) the Securities will be offered, sold and delivered to, and paid for by, the purchasers thereof at the price specified in, and in accordance with the terms of, an agreement or agreements duly authorized, executed and delivered by the parties thereto; and (vii) if issued in certificated form, certificates representing the Securities will be duly executed and delivered and, to the extent required by any applicable agreement, duly authenticated and countersigned, and if issued in book-entry form, the Securities will be duly registered to the extent required by any applicable agreement.

 

Atlantic Power Corporation, p. 4

 

In rendering the opinion expressed in paragraph 1 above, we have assumed that each series of Senior Debt Securities will be issued with an original aggregate principal amount (or in the case of Senior Debt Securities issued at original issue discount, an aggregate issue price) of $2,500,000 or more.

 

We express no opinion regarding any Common Shares that may be underlying or received upon exercise of any Warrants or Subscription Receipts or included in the Units referred to in paragraphs 3, 4 and 5 above, respectively.

 

We note that any designation in the Securities or any applicable agreement governing those Securities of the U.S. federal courts sitting in New York City as the venue for actions or proceedings relating to such Securities is (notwithstanding any waiver thereof) subject to the power of such courts to transfer actions pursuant to 28 U.S.C. §1404(a) or to dismiss such actions or proceedings on the grounds that such a federal court is an inconvenient forum for such an action or proceeding.

 

We note that by statute the law of the State of New York provides that a judgment or decree rendered in a currency other than the currency of the United States shall be converted into U.S. dollars at the rate of exchange prevailing on the date of entry of the judgment or decree. There is no corresponding federal statute and no controlling federal court decision on this issue. Accordingly, we express no opinion as to whether a federal court would award a judgment in a currency other than U.S. dollars or, if it did so, whether it would order conversion of the judgment into U.S. dollars. In addition, to the extent that any Securities or applicable agreement governing those Securities includes a provision relating to indemnification against any loss in obtaining currency due from a court judgment in another currency, we express no opinion as to the enforceability of such provision.

 

The foregoing opinions are limited to the federal law of the United States and the law of the State of New York.

 

 

Atlantic Power Corporation, p. 5

 

We hereby consent to the use of our name in the prospectus constituting a part of the Registration Statement under the headings “Legal Matters” and “Interests of Experts” and in any prospectus supplement related thereto as counsel for the Company that has passed on the validity of the Securities, and to the use of this opinion as a part (Exhibit 5.3) of the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder. The opinions expressed herein are rendered on and as of the date hereof, and we assume no obligation to advise you or any other person, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinions expressed herein.

 

  Very truly yours,
   
  CLEARY GOTTLIEB STEEN & HAMILTON LLP

 

  By /S/    Craig B. Brod
    Craig B. Brod, a Partner

 

 

 

 

 

Exhibit 23.4

 

Consent of Independent Registered Public Accounting Firm

 

The Board of Directors
Atlantic Power Corporation:

 

We consent to the use of our reports dated February 27, 2020, with respect to the consolidated balance sheets of Atlantic Power Corporation and subsidiaries as of December 31, 2019 and 2018, and the related consolidated statements of operations, comprehensive (loss) income, shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2019, and the related notes (and financial statement schedules I to II), and the effectiveness of internal control over financial reporting as of December 31, 2019, incorporated herein by reference and to the reference to our firm under the heading “Experts” in the prospectus.

 

/s/ KPMG LLP

 

New York, New York
August 12, 2020

 

 

 

 

Exhibit 25.1

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM T-1

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939 OF A

CORPORATION DESIGNATED TO ACT AS TRUSTEE

 

CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A

TRUSTEE PURSUANT TO SECTION 305(b)(2) ¨

 

Computershare Trust Company, National Association

(Exact name of trustee as specified in its charter)

 

  04-3401714
(I.R.S. Employer
Identification Number)
   
150 Royall Street, Canton, MA
(Address of principal executive offices)
02021
(Zip Code)

 

Jerry Urbanek, Corporate Trust Manager

8742 Lucent Blvd., Suite 225, Highlands Ranch, CO 80129

(781) 856-7020

(Name, address and telephone number of agent for services)

 

ATLANTIC POWER CORPORATION

(Exact name of obligor as specified in its charter)

 

British Columbia, Canada
(State or other jurisdiction of
incorporation or organization)
55-0886410
(I.R.S. Employer Identification Number)
   
3 Allied Drive, Suite 220
Dedham, Massachusetts 02026
(617) 977-2400
(Address of principal executive offices)
 

 

 

 

Common Shares

Debt Securities

Warrants

Units

Subscription Receipts

(Title of the indenture securities)

 

 

Item 1. General Information. Furnish the following information as to the trustee:

 

(a) Name and address of each examining or supervising authority to which it is subject.

 

Comptroller of the Currency

340 Madison Avenue, 4th Floor

New York, NY 10017-2613

 

(b) Whether it is authorized to exercise corporate trust powers.

 

The trustee is authorized to exercise corporate trust powers.

 

Item 2. Affiliations with the obligor. If the obligor is an affiliate of the trustee, describe such affiliation.

 

None.

 

Item 16. List of exhibits. List below all exhibits filed as a part of this statement of eligibility.

 

1.       A copy of the articles of association of the trustee. (See Exhibit 1 to Form T-1 filed with Registration Statement No. 333-207917).

 

2.       A copy of the certificate of authority of the trustee to commence business. (See Exhibit 2 to Form T-1 filed with Registration Statement No. 333-207917).

 

3.       A copy of the authorization of the trustee to exercise corporate trust powers. (See exhibits 1 and 2).

 

4.       A copy of the existing bylaws of the trustee, as now in effect. (See Exhibit 4 to Form T-1 filed with Registration Statement No. 333-207917).

 

6.        The consent of the Trustee required by Section 321(b) of the Act.

 

7.        A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.

 

 

SIGNATURE

 

Pursuant to the requirements of the Trust Indenture Act of 1939, the trustee, Computershare Trust Company, National Association, a national banking association, organized and existing under the laws of the United States, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Middleburg Heights, and State of Ohio, on the 22nd day of July, 2020.

 

  COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION
   
  By: /s/  Jerry Urbanek
    Jerry Urbanek
    Corporate Trust Manager

     

 

EXHIBIT 6

 

CONSENT OF THE TRUSTEE

Pursuant to the requirements of Section 321 (b) of the Trust Indenture Act of 1939, and in connection with the proposed issue of The Toronto-Dominion Bank’s subordinated debt securities, Computershare Trust Company, National Association hereby consents that reports of examinations by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon request therefore.

 

  COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION
   
  By: /s/  Jerry Urbanek
    Jerry Urbanek
    Corporate Trust Manager

 

Middleburg Heights, Ohio
July 22nd, 2020

 

 

EXHIBIT 7

 

Consolidated Report of Condition of

 

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION

 

150 Royall Street, Canton, MA 02021

at the close of business December 31, 2019

 

    Dollar Amounts
In Thousands
 
ASSETS      
Cash and balances due from depository institutions:        
Noninterest-bearing balances and currency and coin     -0-  
Interest-bearing balances     -0-  
Securities:        
Held-to-maturity securities     -0-  
Available-for-sale securities     20,669  
Federal funds sold and securities purchased under agreements to resell:        
Federal funds sold in domestic offices     -0-  
Securities purchased under agreements to resell     -0-  
Loans and lease financing receivables:        
Loans and leases held for sale     -0-  
Loans and leases, net of unearned income     -0-  
LESS: Allowance for loan and lease losses     -0-  
Loans and leases, net of unearned income and allowance     -0-  
Trading assets     -0-  
Premises and fixed assets (including capitalized leases)     -0-  
Other real estate owned     -0-  
Investments in unconsolidated subsidiaries and associated companies     -0-  
Direct and indirect investments in real estate ventures     -0-  
Intangible assets:        
Goodwill     7,756  
Other intangible assets     -0-  
Other assets     763  
Total assets     29,188  

 

 

    Dollar Amounts
In Thousands
 
LIABILITIES      
Deposits:      
In domestic offices     -0-  
Noninterest-bearing     -0-  
Interest-bearing     -0-  
Federal funds purchased and securities sold under agreements to repurchase:        
Federal funds purchased in domestic offices     -0-  
Securities sold under agreements to repurchase     -0-  
Trading liabilities     -0-  
Other borrowed money: (includes mortgage indebtedness and obligations under capitalized leases)     -0-  
Not applicable        
Not applicable        
Subordinated notes and debentures     -0-  
Other liabilities     2,098  
Total liabilities     2,098  

  

    Dollar Amounts
In Thousands
 
EQUITY CAPITAL      
Perpetual preferred stock and related surplus     0  
Common stock     500  
Surplus (exclude all surplus related to preferred stock)     18,894  
Retained earnings     7,696  
Accumulated other comprehensive income     -0-  
Other equity capital components     -0-  
Total bank equity capital     27,090  
Noncontrolling (minority) interests in consolidated subsidiaries     -0-  
Total equity capital     27,090  
Total liabilities and equity capital     29,188  

 

I, Robert G. Marshall, Assistant Controller of the above named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

  

  /s/ Robert G. Marshall
  Robert G. Marshall
  Assistant Controller

 

 

Exhibit 25.2

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM T-1

STATEMENT OF ELIGIBILITY 

UNDER THE TRUST INDENTURE ACT OF 1939 OF A

CORPORATION DESIGNATED TO ACT AS TRUSTEE 

CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A 

TRUSTEE PURSUANT TO SECTION 305(b)(2) ¨

 

COMPUTERSHARE TRUST COMPANY OF CANADA

(Exact name of trustee as specified in its charter)

 

CANADA   Not Applicable
(Jurisdiction of incorporation or organization if not a U.S   (I.R.S. Employer Identification Number)
national bank)    
     
100 University Avenue, 11th Floor,    
Toronto, Ontario, Canada, M5J 2Y1    
(416) 263-9200    
(Address of principal executive offices)    

 

COMPUTERSHARE TRUST COMPANY, N.A. 

Jerry Urbanek, Corporate Trust Manager, Corporate Trust US

8742 Lucent Blvd., Suite 225, Highlands Ranch, CO 80129

(781) 856-7020 

(Name, address and telephone number of agent for services)

 

ATLANTIC POWER CORPORATION 

(Exact name of obligor as specified in its charter)

 

BRITISH COLUMBIA, CANADA   55-0886410
(State or other jurisdiction of   (I.R.S. Employer Identification Number)
incorporation or organization)    

 

One Federal Street, Floor 30, Boston, Massachusetts, 02110 

(Address of principal executive offices)

 

Debt Securities 

(Title of the indenture securities)

 

 

Item 1. General Information. Furnish the following information as to the trustee:

 

(a) Name and address of each examining or supervising authority to which it is subject.

 

Office of the Superintendent of Financial Institutions (OSFI), 255 Albert Street, Ottawa, Ontario, K1A 0H2, Canada

 

(b) Whether it is authorized to exercise corporate trust powers.

 

The trustee is authorized to exercise corporate trust powers.

 

Item 2. Affiliations with the obligor. If the obligor is an affiliate of the trustee, describe such affiliation.

 

Based upon an examination of the books and records of the trustee and upon information furnished by the obligor, the obligor is not an affiliate of the trustee.

 

Item 15.               Foreign Trustee. Identify the order or rule pursuant to which the foreign trustee is authorized to act as sole trustee under the indentures qualified under the Act:

 

The trustee filed a Form T-6, Application Under Section 310(a)(1) of the Trust Indenture Act of 1939 for Determination of Eligibility of a Foreign Person to Act as Institutional Trustee, on September 27, 2010 in connection with the Registration Statement on Form S-1/A (File No. 333-168856) filed by Atlantic Power Corporation (the “2010 Registration Statement). The order in response to the Form T-6 authorizing the trustee to act as sole trustee was deemed issued by the SEC concurrently with the effectiveness of the 2010 Registration Statement.

 

Item 16. List of exhibits. List below all exhibits filed as a part of this statement of eligibility.

 

1. Certificate of Incorporation and Articles of Incorporation of the trustee, as now in effect.

 

2. By-laws of the trustee, as now in effect.

 

3.           A Consolidated Statement of Comprehensive Income for the period ended Q1 2020; and a Consolidated Monthly Balance Sheet as of May 31, 2020.

 

4. Applicant’s consent to services of process on Form F-X.

 

 

SIGNATURE

 

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Computershare Trust Company of Canada, a trust company organized and existing under the laws of Canada, has duly caused this Statement of Eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Toronto and Province of Ontario on the 22nd day of July, 2020.

 

  COMPUTERSHARE TRUST COMPANY OF CANADA
 
   
  By:
  Name: Yana Nedyalkova
  Title: Corporate Trust Officer
 
   
  By:  
  Name: Robert Morrison
  Title: Corporate Trust Officer

 

 

Industry Canada ،*؛؛؛،] Industria Canada Certifica؛ dé constitution Certificate of Incorporation Canada Business Corporations Act Ldi canadierine stir Ies sociétés par actions 3725529 Canada Inc. 372552-9 Corporation number-Numéro dela société Name of corporationrDénornmationae là société 1 hereby certify that the above-named corporation, thearticies ofincorporation of which are attached, was incorporated under the Canada BvsfnessCorporations Act Je cert ؛fie que la société susmentionnée, dont les statutsconstitutifs sent joints, a été constítuée en société en vertu de la Lai canàdienne sur les sociélés par actions. ¿V February 29,2000 / le29 février-2000 Elate of Incorporation - Date de constitution Director- Directeur Canada !

 

 
 

 

CANADA BUSINESS CORPORATIONS ACT FORM 1 ARTICLES OF INCORPORATION (SECTION &) Name of eorporatipn: 3725529 Canada Inc. The place in Canada where the registered officeis to be situated:. City of Toronto, Province of Ontario The classes and any maximum number of shares that the Corporation is • authorized to issue: An unlimited number of common shares. Restrictions, if any, on share transfers: No share shall be transferred without either (a) the consent of the directors of the. Corporation expressed by; a resolution passed by the board of directors or by an instrument or instruments in witing signed by all of such directors, or (b) the consent of the holders of shares to which are attached more than 50% of the, voting rights attaching to all shares for the time being outstanding entitled to vote at such time expressed by a: resolution passed by such shareholders at a meeting duly called, and constituted for that purpose or by an instrument or instruments in writing signed by all of such shareholders. Number (or minimum and maximum number) of directors: A minimum of one (1) and a maximum of ten (10). Restrictions, if any, on business the corporation may carry on: None. Other provisions, if any: (a) The number of shareholders of the Corporation, exclusive of persons who are in its employment and exclusive of persons who, having been formerly in the employment of the Corporation, were, while in that employment, and have continued after the termination of that employment to be, shareholders of the Corporation, is limited to not

 

 
 

 

more than50, Z or ihore persons, wlio are the joint registered owners of 1 or rhore shares being eo unted as 1 shareholder; Any invitation to the public to subscribe for any securities of the Corporation is prohibited; and The diiectors;may apppintone or more directors, who shall hold office for a term expiring not later than the dose of the next annual meeting of shareholders, but the total number of directors so appointed may not exceed one third of the number of directors elected at the previous annual meeting of shareholders. (c) Incorporator: 8. Address 46 Alcina Avenue Toronto, Ontario M6G.2B8 Name Brian M. Fukier Brian M. Pukier ft„ ^>72 ^lv 2 9 2000 Cto٠٠t^ · VVA،LKERC١١U66QQ1\

 

 
 

 

Industjy Canada IndustrieCanada Certificat deModificafion Certificate ofAiaendiaent CanadaBusiness CorporatioRsAct Ldi'canadienne sur Jessdcietespar aCtidns Computcrshar،: investor Services Inc. 3-72552-9 Name:of coiporation-Dàhorainaîîon de la société I: hereby ceitiiÿit the articles of the above-nàmed corporation were amended: Corporation numberNuméro de lasociete Je certifie que les statuts de la soc'sétó susmentionneeort été modifiés: a) under section ,13 of the Canada Business Corporations Act in accordance with the attached notice; b) under section 27 of the C،w?٠d٥ Business Corporations Act as set out in the attached articles of amendment designating a series of shares; ؛0¿ a) en vertU de l'article 13 de la canadienne sur les sociétés pur Joint;¿؛ ociionsvConfonrietneat a l'avis ؛'٠¿ b) en vertu de l'artic,e27 de la canadienne sur les soc 'iâtéspar oCOra, tel qu'il est indiqué dans les clauses modificatrices ¿،Jointes désignant une série dactions ; c) enve^u de l'article 179 de la ¿or " canadienne sur les Sociétésphr ،rations¿ tel qu'llest indiqué dans les Jointes;¿؛ clau?esmodificatrices d) en vertu de l'article 191 de laioi canadieunesurlessociêtéspar actions¡ tel qU'1'1 est indiqué dans les ; claEs de réorganisation cjjomtes '٥٠ □ c) under section 179 of the سةج ٠ Business Corporaiions Act zs sti out-'in the attached articles of amendment; 0 d) under s^tion 191 oftheConl Business Corporations Act as set out in the attached articles of reorganization; D May 1,2000 / le 1 mai 2000 Date of Amendment- Date de modification Director- Directeur Canada

 

 
 

 

٠٠f Indostiy CanadaIndus!(¡؛ Canada ARTICLES OP AMENDMENT (SECtiON 27 0R17T) FORMULE 4 CLAUSES MODÍFÍCATR1CES (ARTICLES 27 OU 177) &.s؛gasnada Business jtporaÜonsAct - Name oEcorporafion - Dénom'maüóñ déla sociéte 2 -Corporallon No. - N٠icie la société 3725529 Canada Ine. 372552-9 ؛٠ - The articles of the above-named corporation are amended as follows: Les. statuts de la ؛société■ mentionnée ci-dessus sont modmès de ta façon suivante : To change tlie name of the Corporation to Computershar e Investor Services Inc. ؛1 /71 Title-Titre Ch'fì-ÌRl'VtrvtJ <0~f TH-g B٠A-&Ì> Signature Date 2000 , ١٩ April POR DEPARTOEKrAL USE ONLY- À L'USAGE OU MINtSTÉRE SEULEMENT Canada{¡ñ&jr ٩ 2'¿TZ> a ' DSG 01/2000

 

 
 

 

Industry Cana٥3 Industrie-Canada Certificai de modification Certificate of Amendment Lolcanadiennesur les sociétés par actions Canada Business Corporations Act Ccmputccshart Investor Services Inc. Scrr’iccs auxinvestisscnrsCompuicrsbarc inc. 372552-9 Coloration number-Numérodêlasociáte Is certifie que ies statuts de ía sociátè susmentionnée ort été modifiés: Na;ns of Corporation-Dénomination de la société Ihereby certi^ that thearticies of the above-named corporation were amended: en vertu de !'article a؛ 13 de la ioi cotia ٢ ة؟٠ ة ٠ ةأة1 ء ٠50 ة6 ا dienng sur oeiions, confo ؛ mement¿ I'avisci-joim b) en vertu de !'a ;' rticle 27 de la ctinadisnus mr ؛ ئ ؛ لأ 00 ة ذة par 0ل).؟ ٠ « ة 6لايةلأ ٩؛يه 1ةة: 1اااأول 6للئ clauses modificatricesci-joihtes dCslgnantune se„' ؛ e dictions c) en vertu de !'article ' 179 d'elaioi canadienne sur les stKiet٤ s par ٥c؛،'tel qu’il est indique dans les o«S٠ clausesmodificatricesci-jointes ; d) en vertu de ]'article 191 de la Lai canadieie sw les societes par nctions, tel qn'؛l est iodlqu.e dans les Clause ; sde reorganisation ci-jointes a) tinder section 13 of the Canada Business Corporations Art in accordance with the attached notice; b) under section 27 of the ( /؛س7لم 7 Business Cor^orarionsAcr as ser out in th؟ attached articles of amendment designating assries of shares؛ G □ c) under section 179 of the c،»iarf،7 Bï/si„ess COrpör٥'،،٠„s Acias set out in the attachedarticlesof amendment; ج d) under section 191 oftiie-Canada■ Business Cofporariniis Act as set our in the attached articles of reorganization; □ 7, dune 271 ٠ ,و 200 e29؛ juia 2000 Date of Amendment - Date de Modification Director- Directeur Canada ؛

 

 
 

 

fndustryCsnada Industrie Canada ARiUlMENt (SECTION 27 OR177) FORMULEE CLAUSES MODIFICATRICES (ARTICLES 27 ou 17^ Canada Baslness Co٩3.0rat(ons'Aci l٠0٢can؟d؛snns,sur !es sociétés pa٢ actions Name of'coloration - Déno.m'i.naS'on de la société Computershare Investor Servieeslnc. 2'-Colorato No٠-٠-N" de'la.'société 372552-9 - The artides of the above-named corporation are amended as follows: Les. statuts de là société mentionnée d-dessus sont'modifiés de la façon suivante : Tke articles of the Corporation be amended to authorize the Corporation to use its corporate name in either the existing English version or in. the following French version: Sendees aux inVestìsseurs Comptiershare inc. Tills-rttrs Signature Sate Chairman. June 27,2000 R£ SEULEMSWT L'USA ذل 0 MIN,ST؛ GE 0ء ||№ خ-ىد؛ 0 ة 5سالآا|ع Canada 12 91 DSG 0١،2000

 

 
 

 

Letters Ldtmt of Continuance Loi sur les so ciétés de fiducie ei de prêt Trust andLom Companies Act Au. nom: du mïmsirc des Finances, et en vertu de l'articic 33 · d: la io/ sur les sociétés de fiducie eide prêt, ic secretaire d'État (Institutions Snancìères'jnternatiomlesj·: The Secretary of S late (international Fmincia، Institutions), on bcnalf of the. Minister of Finance and pursuant to section 33 of the Trust cmd Loan Companies Ad: ٠ proroge Computcrshare Investor Services Ine., une société consti tuée aux tonnes de la ici ؛؟،r les sociétés par actions,.comme une société sous Id me de !a Loi sur les sociétés de¿¡¿: ,fiducie.et deprêr statue que la dénomina ، tion sociale de la société .cstvSociétc de fiducie ;Computcrshare du Canada fb،e le siège de h société dans la ville de « Toronto, dans là pro vince de l'Ontario; * continues Computcrshare Investor Services Inc., a company incorporated under Canada Business Corporations Act, as :a company under the Trust and Loan Companies Act, « declares‘ that ■he name of the company is Computcrshare Trust Company of Canada; ٠ declares that the head office of the company shall be in tire City .of Toronto, in heProvince of Ontario; and ،. declares that these letters patent arc effective on January 9,2001. • statue que ces lettres patentes entrent en vigueur le 9 janvier 2001. Date: January 9 , 2Q01 ٠ate:: Le 9 janvier 200.1 A4 (^<ày7JK)C^{ Secretary of State (International Financial Institutions) Le secrétaire d'Etat (institutions financières international es)

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPUTERSHARE TRUST COMPANY OF CANADA

 

BY-LAW NO. 4, AS AMENDED AND RESTATED

 

Section 2.4 – Execution of Instruments

 

Deeds, transfers, assignments, contracts, obligations, certificates and other instruments may be signed on behalf of the Company by any two of the directors, Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary, Executive Vice-Presidents, Senior Vice-Presidents, Regional Vice- Presidents or Vice-Presidents. In addition, the board of directors or any two of the Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary, Executive Vice-Presidents, Senior Vice-Presidents, Regional Vice- Presidents or Vice-Presidents may from time to time direct the manner in which and the person or persons by whom any particular instrument or class of instruments may or shall be signed. Any signing officer may affix the corporate seal to any instrument requiring the same.

 

CERTIFIED to be a true and exact copy of an extract from By-Law No. 4 of the By-Laws of Computershare Trust Company of Canada, which By-Law is in full force and effect as of the date hereof.

 

DATED at Toronto, this                         day of                                         , 2020.

 

 
  Assistant Secretary

 

 

 

 

COMPUTERSHARE TRUST COMPANY OF CANADA. (the “Company”)

 

RESOLUTION REGARDING

EXECUTION OF DOCUMENTS AND COUNTERSIGNATURES

 

RESOLVED that pursuant to the authority of the Board of Directors under the terms of Section 2.4 of By- Law No. 4 of the Company, the Company hereby makes the following designations, which shall supersede any previous designations pursuant to such By-law:

 

1. THAT for the purposes of this designation each person listed on the attached pages shall be designated as a Signing Officer of the Company as a holder of the positions set out next to his or her name for so long as each person remains an employee of the Company.

 

2. THAT for the purposes of this designation the Officers and Signing Officers of the Company shall be divided into the following classes:

 

CLASS A   CLASS B   CLASS C
         
President
Chief Executive Officer
Chief Financial Officer
Controller
Executive Vice President
Senior Vice President
Vice President
Treasurer
Secretary
  General Manager
Branch Manager
Corporate Trust Officer
Director, Broker Products
Director, Private Capital Solutions
Regional Manager, Service Delivery
National Manager, Private Capital Solutions
Manager, Administration
Manager, Client Relations, Private Capital Solutions
Manager, Client Services
Manager, Client Services, Communication Services
Manager, Commercial Development, Communication Services
Manager, Corporate Actions
Manager, Corporate Administration
Manager, Corporate Trust
Manager, Emerging Issuer Solutions
Manager, Employee Plans
Manager, MBS
Manager, Oil Royalties
Manager, Operations, Communication Services
Manager, Production Development, Communication Services
Manager, Registered Product Trustee Services
Manager, Stock Transfer
Manager, Stock Transfer &
Client Services
Manager, Stock Transfer & Operations
Professional, Administration
Professional, Client Services
Professional, Corporate Actions
Professional, Corporate Trust
Professional, Employee Plans
Professional, MBS
Professional, Service Delivery
Professional, Stock Transfer
Senior Relationship Manager, Private Capital Solutions
Relationship Manager
Assistant Manager, MBS
Assistant Manager, Private Capital Solutions
  Associate Relationship Manager
Manager, Disbursements
Manager, Investor Services
Manager, Trade Processing
Manager, Transfer Processing
Professional, Administrative Services
Professional, Product Specialist
Professional, SEDAR
Professional, Transfers
Team Leader, Bond Administration
Team Leader, Client Services,
Communication Services
Team Leader, Corporate Actions
Team Leader, Legals
Team Leader, MBS
Team Leader, Oil Royalties
Team Leader, Research
Team Leader, Security Flow
Team Leader, Trust Investments
Administrator, Audit
Administrator, Client Services
Administrator, Corporate Actions
Administrator, Corporate Trust
Administrator, Escrows
Administrator, MBS
Administrator, Oil Royalties
Administrator, Stock Transfer
Associate Trust Officer
Senior Administrator, Private Capital Solutions

 

 

 

 

3. THAT, any two Signing Officers listed in Class A or B, or both, or any one Class A or B Signing Officer together with one Class C Signing Officer may represent and act in the name of the Company, but only in the ordinary course of the Company’s trust and agency services business activities including, without limitation, transfer agency, record keeping, plan administration and debt trusteeship. The above mentioned Signing Officers, on behalf of the Company, shall be authorized:

 

(a) to execute and deliver all affidavits, agreements, certificates, contracts, deeds, indentures, notices, undertakings, conveyances or other documents required in the course of its operations including, without restricting the generality of the foregoing, documents evidencing any assignment, charge, co-ownership of immoveable, conveyance, deposit, exchange, habitation, hypothec, insurance, lease, lien, loan, mortgage, partnership, pledge, privilege, purchase, registration of real rights, retrocession, sale, suretyship, usufruct or other like documents;
     
(b) to secure any loans or other sums owed by way of mortgage, hypothec, lien or other charges upon property, real or personal, moveable or immovable;
     
(c) to acquire, convey, dispose or sell, in whole or in part, by way of public or private sale, by auction or otherwise, of said property so mortgaged, hypothecated or otherwise given as security;
     
(d) to grant easements, encumbrances, servitudes, rights of way and other charges and liens upon immovable or real property;
     
(e) to grant partial or total acquittances, discharges, mainlevées and releases, with or without consideration, of charges, hypothecs, liens, mortgages, pledges, privileges and of any effect of a giving-in-payment clause or of a resolutory clause;
     
(f) to execute and deliver all agreements, contracts, deeds or other documents pertaining to the administration, the custody or the transfer of bonds, certificates of deposits, debentures, notes, options, shares, warrants or like securities and to receive funds and invest same in said instruments; and
     
(g) to accept, convey, issue, purchase, receive, sell, subscribe for or transfer bonds, certificates of deposits, debentures, notes, options, shares, warrants or like securities.

 

The Signing Officers are authorized to exercise all powers, responsibilities and rights and to execute all obligations required under the terms of any affidavit, agreement, certificate, contract, deed, indenture, notice or other empowering document in the course of the Company’s operations and generally to do all such things as are necessary and useful to the fulfillment of the above objects, subject to any limitations imposed by law, in order to give full effect and purpose to the foregoing.

 

4. THAT the authorization contained herein does not include contracts and agreements for the purchase of goods and services by the Company for its own use which are excluded from the operation of this authorization.

 

5. THAT any one Signing Officer from Classes A, B or C, or any combination thereof, may sign and counter-sign bonds, debentures, stock certificates and other securities on behalf of the Company, when it acts as trustee, transfer agent and/or registrar.

 

 

 

 

6. THAT any Signing Officer may affix the corporate seal to any instrument requiring same.

 

7. THAT any officer holding a dual position shall sign only once.

 

DATED at Toronto, Ontario, as of the 27th day of November, 2019.

 

CERTIFIED TRUE COPY

 

I, Kelly Wood, Assistant Secretary of Computershare Trust Company of Canada, hereby certify that this copy of the Resolution Regarding Execution of Documents and Countersignatures for Computershare Trust Company of Canada is a true copy of the original which was passed by the Board of Directors on November 27, 2019 and is of full force and effect as of the date hereof.

 

Certified at______________________on this___________day of_____________________, 2020.

 

 
  Assistant Secretary

 

 

 

 

COMPUTERSHARE TRUST COMPANY OF CANADA

 

AUTHORIZED SIGNATURES

 

 

I, Kelly Wood, Assistant Secretary of Computershare Trust Company of Canada, hereby certify that each of the above named persons holds the office set out beside his or her name and that the facsimile signature appearing with the name of each such person is a true exact copy of the signature of such person.

 

Certified at Toronto on this                          day of                               , 2020.

 

 
  Assistant Secretary

 

 

 

 

COMPUTERSHARE TRUST COMPANY OF CANADA

 

AUTHORIZED SIGNATURES

 

 

I, Kelly Wood, Assistant Secretary of Computershare Trust Company of Canada, hereby certify that each of the above named persons holds the office set out beside his or her name and that the facsimile signature appearing with the name of each such person is a true exact copy of the signature of such person.

 

Certified at Toronto on this                          day of                               , 2020.

 

 
  Assistant Secretary

 

 

 

 

COMPUTERSHARE TRUST COMPANY OF CANADA

 

AUTHORIZED SIGNATURES

 

 

I, Kelly Wood, Assistant Secretary of Computershare Trust Company of Canada, hereby certify that each of the above named persons holds the office set out beside his or her name and that the facsimile signature appearing with the name of each such person is a true exact copy of the signature of such person.

 

Certified at Toronto on this                          day of                               , 2020.

 

 
  Assistant Secretary

 

 

 

 

COMPUTERSHARE TRUST COMPANY OF CANADA

 

AUTHORIZED SIGNATURES

 

 

I, Kelly Wood, Assistant Secretary of Computershare Trust Company of Canada, hereby certify that each of the above named persons holds the office set out beside his or her name and that the facsimile signature appearing with the name of each such person is a true exact copy of the signature of such person.

 

Certified at Toronto on this                          day of                               , 2020.

 

 
  Assistant Secretary

 

 

 

 

Consolidated Statement of Comprehensive Income   Page 1 of 3

 

Computershare Trust Company of Canada 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 

Year to date: End of Q1 - 2020

(in thousands of dollars)

 

Interest and dividends income      
Deposits with regulated financial institutions     461  
Securities issued or guaranteed by Government of Canada, provinces, municipal or school        
Other Securities        
Loans        
Non-mortgage loans        
Individuals for non-business purposes        
Others        
Mortgages        
Residential        
Non-residential     0  
Interest income on impaired loans        
Other     28,524  
Total interest income     28,985  
Interest expense        
Demand and notice deposits        
Fixed term deposits        
Subordinated debt     0  
Other     15,870  
Total interest expense     15,870  
Net interest income     13,115  
Charge for impairment     127  
Net interest income after charge for impairment     12,988  
Trading Income     0  
Gains (Losses) on instruments held for other than trading purposes     0  
Other Income        
Service charges on retail and commercial deposit accounts        
Credit and debit card service fees     0  
Mortgage, standby, commitment and other loan fees        
Acceptance, guarantees and letter of credit fees        
Investment management and custodial services     26,989  
Mutual(investment) fund, underwriting on new issues and securities commissions and fees        
Foreign exchange revenue other than trading     0  
Insurance related non-interest income (net)        
Other        
Total non-interest income     26,989  
Net interest and other income     39,977  
         
Non-interest expenses        
Salaries, pensions and other staff benefits     10,462  
Premises and equipment        
Rental of real estate, premises, furniture & fixtures     1,318  
Computers & equipment     846  
Other expenses        
Advertising, public relations & business development     161  
Office and general expenses     1,001  
Capital and business taxes     101  
Professional fees     697  
Other     9,314  
Total non-interest expenses     23,900  
Net income before provision for income taxes     16,077  
Provision for income taxes        
Current     4,323  
Deferred     0  
Net income before discontinued operations     11,754  
Discontinued operations     0  
Net income attributable to equity holders and non-controlling interests     11,754  
Net income attributable to non-controlling interests     0  
Net income attributable to equity holders     11,754  

 

 

 

 

Consolidated Statement of Comprehensive Income   Page 2 of 3

 

SCHEDULE 1 - Comprehensive income (loss), attributable to equity holders and non-controlling interests, net of taxes       

 

Net income attributable to equity holders and non-controlling interests     11,754  
Other Comprehensive Income (loss)        
Items that may be reclassified subsequently to net income:        
Securities classified as fair value through other comprehensive income        
Change in unrealized gains and losses        
Equities (IAS 39)     0  
Debt     0  
Loans     0  
Reclassification of (gains)/losses to net income     0  
Derivatives designed as cash flow hedges        
Change in unrealized gains and losses     0  
Reclassification of (gains)/losses to net income     0  
Foreign currency translation        
Change in unrealized gains and losses     0  
Impact of hedging     0  
Share of other comprehensive income (loss) of associates and joint ventures     0  
Other     0  
Subtotal of items that may be reclassified subsequently to net income     0  
Items that will not be reclassified to net income:        
Change in investments in equity instruments designated at FVOCI (IFRS 9)     0  
Remeasurements of defined benefit plans     0  
Other     0  
Subtotal of items that will not be reclassified to net income        
Total other comprehensive income (loss)     0  
Total comprehensive income (loss)     11,754  
Attributable to:        
Equity holders of the bank     11,754  
Non-controlling interests     0  

 

 

 

 

Consolidated Statement of Comprehensive Income   Page 3 of 3

 

SCHEDULE 2 - Accumulated other comprehensive income (loss), attributable to equity holders, net of taxes

 

Accumulated gains (losses) on:      
Items that may be reclassified subsequently to net income:      
Securities classified as fair value through other comprehensive income      
Equities (IAS 39)     0  
Debt     0  
Loans     0  
Derivatives designed as cashflow hedges     0  
Foreign currency translation, net of hedging activities     0  
Share of other comprehensive income (loss) of associates and joint ventures     0  
Other     0  
Subtotal of items that may be reclassified subsequently to net income     0  
Items that will not be reclassified to net income:        
Other        
Subtotal of items that will not be reclassified to net income     0  
Total     0  

 

 

 

  

 

 

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM F-X

 

Appointment of Agent For Service of Process
And Undertaking

 

A. Name of issuer or person filing (the "Filer"): COMPUTERSHARE TRUST COMPANY OF CANADA

 

B. (1)   This is [check one]:

x   an original filing for the Filer

¨   an amended filing for the Filer

 

(2) Check the following box if you are filing the Form F-X in paper in accordance with Regulation S-T rule 101(b)(9) ❑

 

C. Identify the filing in conjunction with which this form is being filed:

 

Name of Registrant:   Atlantic Power Corporation
     
Form Type:   S-3
     
File Number (if known):   333-
     
Filed by:   Computershare Trust Company of Canada
     
Date Filed (if filed concurrently, so indicate):   July 22, 2020

 

D. Filer is incorporated or organized under the laws of Canada and has its principal place of business at Computershare Trust Company of Canada, 100 University Ave. 11th Floor, Toronto, Ontario M5J 2Y1, Attention: Manager, Corporate Trust (Tel: 416 263-9200; Fax: 416 981-9777).

E. The Filer designates and appoints Computershare Trust Company, N.A. (the "Agent"), located at Computershare Trust Company, N.A., 8742 Lucent Boulevard, Suite 225, Highlands Ranch, Colorado 80129 (telephone: (781) 856-7020), as the agent of the Filer upon whom may be served any process, pleadings, subpoenas, or other papers in:

 

(a)  any investigation or administrative proceeding conducted by the Commission; and

 

(b)  any civil suit or action brought against the Filer or to which the Filer has been joined as defendant or respondent, in any appropriate court in any place subject to the jurisdiction of any state or of the United States or of any of its territories or possessions or of the District of Columbia, where the investigation, proceeding or cause of action arises out of or relates to or concerns the securities in relation to which the Filer acts as trustee pursuant to an exemption under Rule 10a-5 under the Trust Indenture Act of 1939. The Filer stipulates and agrees that any such civil suit or action or administrative proceeding may be commenced by the service of process upon, and that service of an administrative subpoena shall be effected by service upon such agent for service of process, and that service as aforesaid shall be taken and held in all courts and administrative tribunals to be valid and binding as if personal service thereof had been made.

 

F. The Filer stipulates and agrees in connection with its status as trustee with respect to securities registered on the Form F-10 to appoint a successor agent for service of process and file an amended Form F-X if the Filer discharges the Agent or the Agent is unwilling or unable to accept service on behalf of the Filer at any time during which the securities subject to the indenture remain outstanding.

 

The Filer further undertakes to advise the Commission promptly of any change to the Agent's name or address during the applicable period by amendment of this form, referencing the file number of the relevant form in conjunction with which the amendment is being filed.

 

G. Not applicable.

 

 

 

 

The Filer certifies that it has duly caused this power of attorney, consent, stipulation and agreement to be signed on its behalf by the undersigned, thereto duly authorized, in Toronto, Canada on this 31st day of July, 2020.

 

Filer:   COMPUTERSHARE TRUST COMPANY OF CANADA
     
  By:  
      Name: Yana Nedyalkova
      Title: Corporate Trust Officer
     
    By:  
      Name: Robert Morrison
      Title: Corporate Trust Officer

 

This statement has been signed by the following person in the capacity and on the date indicated:

 

    COMPUTERSHARE TRUST COMPANY, N.A.
     
    as agent for service of process
     
    By:
      Name: Jerry Urbanek
      Title: Trust Officer

 

    Dated: 31 July, 2020