{"id":44435,"date":"2022-11-28T22:23:27","date_gmt":"2022-11-29T03:23:27","guid":{"rendered":"https:\/\/prefblog.com\/?p=44435"},"modified":"2022-11-28T22:23:27","modified_gmt":"2022-11-29T03:23:27","slug":"npi-pr-c-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=44435","title":{"rendered":"NPI.PR.C To Be Redeemed"},"content":{"rendered":"

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

that it intends to redeem all of its 4,800,000 issued and outstanding Cumulative Rate Reset Preferred Shares, Series 3 (the \u201cSeries 3 Preferred Shares\u201d) on January 3, 2023 (the \u201cRedemption Date\u201d) at a price of $25.00 per Series 3 Preferred Share together with all accrued and unpaid dividends thereon up to, but excluding, December 31, 2022 (less any tax required to be deducted or withheld by the Company) (the \u201cRedemption Price\u201d) for an aggregate total of $121.5 million.<\/p>\n

The final quarterly dividend of $0.3175 per Series 3 Preferred Share payable on December 30, 2022 will be the final quarterly dividend on the Series 3 Preferred Shares and shall be considered to be an accrued and unpaid dividend and included in the Redemption Price.<\/p>\n

The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the Series 3 Preferred Shares in accordance with their terms. Non-registered holders of Series 3 Preferred Shares should contact their broker or other intermediary for information regarding the redemption process for the Series 3 Preferred Shares in which they hold a beneficial interest.<\/p>\n

After the Series 3 Preferred Shares are redeemed, holders of Series 3 Preferred shares will cease to be entitled to distributions of dividends and will not be entitled to exercise any rights as holders other than to receive the Redemption Price.<\/p><\/blockquote>\n

NPI.PR.C was issued as a FixedReset, 5.00%+346, that commenced trading 2012-5-24<\/a> after being announced 2012-5-14<\/a>. It reset to 5.08%<\/a> effective 2018-1-1 and I recommended against conversion<\/a>. It has been tracked by HIMIPref\u2122 but relegated to the Scraps index on credit concerns.<\/p>\n

Thanks to Assiduous Reader niagara<\/i> for bringing this to my attention<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Northland Power Inc. has announced: that it intends to redeem all of its 4,800,000 issued and outstanding Cumulative Rate Reset Preferred Shares, Series 3 (the \u201cSeries 3 Preferred Shares\u201d) on January 3, 2023 (the \u201cRedemption …<\/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-44435","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44435","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=44435"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44435\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}