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Capital Power Announces Closing of $667 Million Offering of Common Shares
EDMONTON, Alberta, April 22, 2025 (GLOBE NEWSWIRE) -- Capital Power Corporation (TSX: CPX) ( ...
About this update from Capital Power Corporation
[{"type":"text","content":"Capital Power Announces Closing of $667 Million Offering of Common Shares\n\n\n\n EDMONTON, Alberta, April 22, 2025 (GLOBE NEWSWIRE) -- Capital Power Corporation (TSX: CPX) (“Capital Power” or the “Company”) announced today that it has completed its previously announced bought deal offering of 11,902,500 common shares of Capital Power (“Common Shares”), which included 1,552,500 Common Shares issued pursuant to the full exercise of the over-allotment option, at an offering price of $43.45 per Common Share (the “Offering Price”), for total gross proceeds of approximately $517 million (the “Public Offering”).\n \n\n The Public Offering was first announced on April 14, 2025 when the Company entered into an agreement with a syndicate of underwriters led by TD Securities Inc. and CIBC Capital Markets. The Company subsequently announced that it had increased the size of the Public Offering on April 15, 2025.\n \n\n Concurrently, the Company issued 3,455,000 Common Shares at the Offering Price to Alberta Investment Management Corporation on a private placement basis for gross proceeds of approximately $150 million (the “Private Placement”, and together with the Public Offering, the “Offerings”). TD Securities Inc. acted as the sole agent and bookrunner for the Private Placement.\n \n\n The net proceeds of the Offerings will be used by Capital Power to fund a portion of the purchase price for the previously announced acquisition of 100% of the equity interests in Hummel Station, LLC, which owns the 1,124 MW Hummel Station, a combined-cycle natural gas facility in Shamokin Dam, Pennsylvania; and 100% of the equity interests in Rolling Hills Generating, L.L.C., which owns the 1,023 MW Rolling Hills plant, a combustion turbine natural gas facility in Wilkesville, Ohio (together, the “Acquisition”). The Acquisition is expected to close in the third quarter of 2025, subject to receipt of regulatory approvals and the satisfaction of other customary closing conditions. Details of the Acquisition and the Offerings were announced on April 14, 2025.\n \n\n The closing of the Offerings was not conditional upon the completion of the Acquisition. If the Acquisition is not completed, the Company intends to use the...