Northland Power Inc. has announced:
the closing of the previously announced offering of 4.8 million Cumulative Rate Reset Preferred Shares, Series 3 (the “Series 3 Preferred Shares”), at a price of $25.00 per share, for aggregate gross proceeds of $120 million, on a bought deal basis to a syndicate of underwriters led by CIBC, BMO Capital Markets and Scotiabank.
The Series 3 Preferred Shares commence trading on the TSX today under the symbol NPI.PR.C.
Northland intends to use the net proceeds of the offering to fund the equity portion of its first six ground mounted solar projects, fund additional ground mounted solar project development, repay bank indebtedness, replenish working capital, and for general corporate purposes.
NPI.PR.C is a FixedReset, 5.00%+346, announced May 14. It will be tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.
The issue traded 473,424 shares today in a range of 25.00-09 before closing at 25.04-07, 10×32. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2042-05-24
Maturity Price : 23.14
Evaluated at bid price : 25.04
Bid-YTW : 4.84 %