Atlantic Power Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the "Company") released its results for the three months ended March 31, 2014.
"This quarter, we successfully completed a significant refinancing transaction that addressed the majority of our near-term debt maturities and provided us with a new revolver of greater size and flexibility. We took advantage of very favorable market conditions by undertaking a comprehensive approach to these maturities rather than being exposed to uncertain market conditions over the next few years," said Barry Welch, President and CEO of Atlantic Power. "By doing so, we have accomplished several high priorities, including extending our debt maturity profile, gaining financial flexibility and increased liquidity, and reducing our interest expense and debt levels over time. This resulted in associated costs in the quarter, some of which would have been incurred in future years had we not taken this approach. We believe that this puts us in a stronger position as we consider next steps."
"Relative to our expectations, our first quarter results were affected by several plant outages, including two due to extreme weather, low water flows at Curtis Palmer, and continued challenges at Piedmont," Mr. Welch continued. "However, these factors were partially offset by higher PJM power prices, the resale of gas in Ontario, stronger wind at our Idaho businesses, and initial strong results from our optimization initiatives. Based on our results year to date and our expectations for the rest of the year, we are reaffirming our 2014 guidance metrics."
All amounts are in U.S. dollars unless otherwise indicated. Free Cash Flow, Cash Distributions from Projects, and Project Adjusted EBITDA are not recognized measures under generally accepted accounting principles in the United States ("GAAP") and do not have standardized meanings prescribed by GAAP; therefore, these measures may not be comparable to similar measures presented by other companies. Please see "Regulation G Disclosures" attached to this news release for an explanation and the GAAP reconciliation of "Free Cash Flow", "Cash Distributions from Projects" and "Project Adjusted EBITDA" as used in this news release.
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