{"id":30737,"date":"2015-10-01T02:50:47","date_gmt":"2015-10-01T07:50:47","guid":{"rendered":"http:\/\/prefblog.com\/?p=30737"},"modified":"2015-10-01T02:50:47","modified_gmt":"2015-10-01T07:50:47","slug":"npi-pr-b-listed-25-conversion","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=30737","title":{"rendered":"NPI.PR.B Listed: 25% Conversion"},"content":{"rendered":"

Northland Power Inc. has announced<\/a>:<\/p>\n

that 1,498,435 of its 6,000,000 Cumulative Rate Reset Preferred Shares, Series 1 (“Series 1 Shares”) have been converted on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series 2 (the “Series 2 Shares”). Consequently, effective today Northland will have 4,501,565 Series 1 Shares and 1,498,435 Series 2 Shares issued and outstanding.<\/p>\n

The Series 1 Shares are listed on the Toronto Stock Exchange under the symbol “NPI.PR.A” and the Series 2 Shares are listed on the Toronto Stock Exchange under the symbol “NPI.PR.B”.<\/p><\/blockquote>\n

NPI.PR.A is a FixedReset, currently (after reset)<\/a> 3.51%+280. NPI.PR.B is its FloatingReset Strong Pair, paying three-month bills +280. Both issues will be tracked by HIMIPref™, both relegated to the Scraps index on credit concerns.<\/p>\n

The conversion ratio was 25.0% after my recommendation not to convert<\/a>.<\/p>\n

Vital statistics are:<\/p>\n

\n\n\n\n
NPI.PR.A<\/td>\nFixedReset<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-30
\nMaturity Price : 14.41
\nEvaluated at bid price : 14.41
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
NPI.PR.B<\/td>\nFloatingReset<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-30
\nMaturity Price : 14.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

NPI.PR.B did not trade any shares today on any of the consolidated exchanges, so the quote of 14.00-50 should be taken with a grain of salt!<\/p>\n

However:<\/p>\n

\"pairs_FR_150930\"<\/a>
Click for Big<\/i><\/div>\n

The NPI.PR.A \/ NPI.PR.B Strong Pair predicts an average three month bill rate of 0.28% over the next five years – well above the average for investment-grade pairs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Northland Power Inc. has announced: that 1,498,435 of its 6,000,000 Cumulative Rate Reset Preferred Shares, Series 1 (“Series 1 Shares”) have been converted on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series 2 …<\/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-30737","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30737","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=30737"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30737\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}