{"id":11643,"date":"2010-07-29T10:59:10","date_gmt":"2010-07-29T14:59:10","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=11643"},"modified":"2010-07-29T10:59:10","modified_gmt":"2010-07-29T14:59:10","slug":"npp-pr-a-settles","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=11643","title":{"rendered":"NPP.PR.A Settles"},"content":{"rendered":"<p>This should have been posted yesterday, July 28. Sorry!<\/p>\n<p>Northland Power Income Fund <a href=\"http:\/\/www.northlandpower.ca\/InvestorCenter\/News\/PressReleases\/PressRelease.aspx?prid=2036#m=3\">has announced<\/a>:<\/p>\n<blockquote><p>the closing of the previously announced offering of Cumulative Rate Reset Preferred Shares, Series 1 (the &#8220;Series 1 Preferred Shares&#8221;) by Northland Power Preferred Equity Inc. (the &#8220;Corporation&#8221;), 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.<\/p>\n<p>The Series 1 Preferred Shares commence trading on the TSX today under the symbol NPP.PR.A.<\/p>\n<p>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.<\/p><\/blockquote>\n<p>NPP.PR.A is a FixedReset, 5.25%+280, <a href=\"http:\/\/www.prefblog.com\/?p=11438\">announced July 6<\/a>.<\/p>\n<p>Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>NPP.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2015-10-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.20<br \/>\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>NPP.PR.A will be tracked by HIMIPref&trade;, but is relegated to the Scraps index on credit concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &#8220;Series 1 Preferred Shares&#8221;) &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-11643","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11643"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11643\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}