{"id":49013,"date":"2017-12-19T10:11:00","date_gmt":"2017-12-19T15:11:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49013"},"modified":"2025-08-01T10:12:35","modified_gmt":"2025-08-01T14:12:35","slug":"npi-pr-c-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49013","title":{"rendered":"NPI.PR.C : No Conversion to FloatingReset"},"content":{"rendered":"<p> Northland Power Inc. <a href=\"http:\/\/www.northlandpower.ca\/Investor-Centre\/News--Events\/Recent_Press_Releases.aspx?MwID=2172240\">has announced<\/a>:<\/p>\n<blockquote>\n<p>that as fewer than one million of its Cumulative Rate Reset Preferred Shares, Series 3 (&#8220;Series 3 Shares&#8221;) were tendered for conversion into Cumulative Floating Rate Preferred Shares, Series 4 (the &#8220;Series 4 Shares&#8221;), 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. <\/p>\n<p>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).<\/p>\n<p>The Series 3 Shares are listed on the Toronto Stock Exchange under the symbol &#8220;NPI.PR.C&#8221;.<\/p>\n<\/blockquote>\n<p>It will be recalled that <a href=\"https:\/\/prefblog.com\/?p=35803\">NPI.PR.C will reset to 5.08%<\/a> effective January 1 and <a href=\"https:\/\/prefblog.com\/?p=35854\">I recommended against conversion<\/a>.<\/p>\n<p>NPI.PR.C is a FixedReset, 5.00%+346, that <a href=\"https:\/\/prefblog.com\/?p=18707\">commenced trading 2012-5-24<\/a> after being <a href=\"https:\/\/prefblog.com\/?p=18636\">announced 2012-5-14<\/a>. It is tracked by HIMIPref\u2122 but relegated to the Scraps index on credit concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Northland Power Inc. has announced: that as fewer than one million of its Cumulative Rate Reset Preferred Shares, Series 3 (&#8220;Series 3 Shares&#8221;) were tendered for conversion into Cumulative Floating Rate Preferred Shares, Series 4 &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-49013","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49013","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=49013"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49013\/revisions"}],"predecessor-version":[{"id":49014,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49013\/revisions\/49014"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}