This should have been posted yesterday, July 28. Sorry!
Northland Power Income Fund has announced:
the closing of the previously announced offering of Cumulative Rate Reset Preferred Shares, Series 1 (the “Series 1 Preferred Shares”) by Northland Power Preferred Equity Inc. (the “Corporation”), an indirect wholly-owned subsidiary of the Fund. The Series 1 Preferred Shares are guaranteed by the Fund. The Corporation issued a total of 6 million Series 1 Preferred Shares at $25.00 per share for gross proceeds of $150 million. The offering was made on a bought deal basis through a syndicate of underwriters led by CIBC.
The Series 1 Preferred Shares commence trading on the TSX today under the symbol NPP.PR.A.
The Corporation intends to loan the net proceeds of the offering to NPIF Holdings L.P., a subsidiary of the Fund, which will use the funds to: (i) finance the remaining $51 million equity infusion in North Battleford Power L.P.; (ii) finance the $26 million equity infusion in Mount-Louis Wind L.P.; and (iii) repay certain non-recourse project debt in the amount of $40 million. The remainder of the loan will be used by NPIF Holdings L.P. for general corporate purposes.
NPP.PR.A is a FixedReset, 5.25%+280, announced July 6.
Vital statistics are:
Maturity Type : Call
Maturity Date : 2015-10-30
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.11 %
NPP.PR.A will be tracked by HIMIPref™, but is relegated to the Scraps index on credit concerns.