NPI.PR.C : No Conversion to FloatingReset

Northland Power Inc. has announced:

that as fewer than one million of its Cumulative Rate Reset Preferred Shares, Series 3 (“Series 3 Shares”) were tendered for conversion into Cumulative Floating Rate Preferred Shares, Series 4 (the “Series 4 Shares”), no Series 3 Shares will be converted into Series 4 Shares. Consequently, effective December 31, 2017, Northland will continue to have 4,800,000 Series 3 Shares and no Series 4 Shares issued and outstanding.

The fixed quarterly dividends on the Series 3 Shares for the period from January 2, 2018 until December 31, 2022 will be paid at an annual rate of 5.08% (Cdn. $0.3175 per share per quarter).

The Series 3 Shares are listed on the Toronto Stock Exchange under the symbol “NPI.PR.C”.

It will be recalled that NPI.PR.C will reset to 5.08% effective January 1 and I recommended against conversion.

NPI.PR.C is a FixedReset, 5.00%+346, that commenced trading 2012-5-24 after being announced 2012-5-14. It is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

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