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TORONTO, Nov. 16, 2018 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland”) (TSX: NPI) announces that it has issued a notice (the “Notice”) of redemption to holders of its currently outstanding 5.00% extendible convertible unsecured subordinated debentures, Series B, due June 30, 2019 (the “Debentures”). As set out in the Notice, the redemption date of the Debentures will be December 21, 2018 (the “Redemption Date”). The Debentures are redeemable for an amount equal to the principal amount of the Debentures plus accrued unpaid interest up to, but excluding, the Redemption Date. There is approximately $77.0 million aggregate principal amount of the Debentures outstanding.
Prior to 5:00p.m. (Toronto time) on the last business day immediately preceding the Redemption Date, a holder of the Debentures (a “Holder”) will have the right to convert its Debentures into common shares of Northland (each being a “Common Share”) at a conversion price of $21.60 (the “Conversion Price”) per Common Share.
A Holder electing to convert the principal amount of its Debentures will receive 46.2963 Common Shares for each $1,000 principal amount of Debentures converted. No fractional shares will be issued on conversion but, in lieu thereof, Northland shall satisfy any fractional interest by a cash payment equal to the fractional interest which would have been issuable multiplied by the Conversion Price. All Holders who fail to deliver a notice of conversion on or prior to December 21, 2018 shall have their Debentures redeemed for cash on the Redemption Date.
Holders who wish to convert their Debentures into Common Shares should consult with their financial institutions as soon as possible and allow for sufficient time to complete the conversion process.
Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates facilities that produce ‘clean’ (natural gas) and ‘green’ (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities.
The Company owns or has an economic interest in 2,429 MW (net 2,014 MW) of operating generating capacity and 269 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the North Sea, in addition to its 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan. Northland’s cash flows are diversified over four geographically separate regions and regulatory jurisdictions in Canada and Europe.
Northland's common shares, Series 1, Series 2 and Series 3 preferred shares and Series B and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C, NPI.DB.B, and NPI.DB.C, respectively.
This release contains certain forward-looking statements which are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These statements may include, without limitation, statements regarding Northland’s expectations or ability to complete any future offerings of securities. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including Northland’s potential need for future capital or its ability to raise capital, if needed. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, construction risks, counterparty risks, operational risks, foreign exchange rates, regulatory risks, maritime risks for construction and operation, and the variability of revenues from generating facilities powered by intermittent renewable resources and the other factors described in the “Risks and Uncertainties” section of Northland’s 2017 Annual Report and Annual Information Form, both of which can be found at www.sedar.com under Northland's profile and on Northland’s website www.northlandpower.com. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur.
The forward-looking statements contained in this release are based on assumptions that were considered reasonable on date of release. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
For further information, please contact:
Barb Bokla, Manager, Investor Relations, (647) 288-1438