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Northland Power Inc | Cumulative Rate Reset Preferred Shares, Series 3 (NPI.PRC.CA)
Prospectus excerpt: The Prospectus, as supplemented by this prospectus supplement, qualifies the distribution (the “Offering”) of 4,800,000 Cumulative Rate Reset Preferred Shares, Series 3 (the “Series 3 Shares”) of Northland Power Inc. (“Northland”) at a price of $25.00 per Series 3 Share (the “Offering Price”). For the initial period from and including the Closing Date (as defined herein) to, but excluding December 31, 2017 (the “Initial Fixed Rate Period”), the holders of Series 3 Shares will be entitled to receive fixed cumulative preferential cash dividends, as and when declared by the board of directors (the “Board of Directors”) of Northland, payable quarterly on the last Business Day (as defined herein) of March, June, September and December in each year at an annual rate equal to $1.25 per share. The initial dividend will be payable June 29, 2012 and will be $0.1267 per share, based on the anticipated closing date of May 24, 2012 (the “Closing Date”). See “Details of the Offering”. For each five-year period after the Initial Fixed Rate Period (each a “Subsequent Fixed Rate Period”), the holders of the Series 3 Shares will be entitled to receive fixed cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last Business Day of March, June, September and December in each year during the Subsequent Fixed Rate Period, in an annual amount per share determined by multiplying the Annual Fixed Dividend Rate (as defined herein) applicable to such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend Rate for each Subsequent Fixed Rate Period will be equal to the sum of the Government of Canada Yield (as defined herein) on the 30th day prior to the first day of such Subsequent Fixed Rate Period plus 3.46%. See “Details of the Offering”. Full Prospectus PDF », NPI.CA Page »
Series: | 3 | Alternate symbology: | NPI-C.CA, NPI-PC.CA, NPIprC.CA | Redeemable?: | Yes | Call Date: | 12/31/2017 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Conversion Ratio: | Each holder of Series 3 Shares will have the right, at its option, to convert all or any of its Series 3 Shares into Cumulative Floating Rate Preferred Shares, Series 4 (the “Series 4 Shares”) of Northland on the basis of one Series 4 Share for each Series 3 Share converted, subject to certain conditions, on December 31, 2017 and on December 31 every five years thereafter. The holders of Series 4 Shares will be entitled to receive floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last Business Day of March, June, September and December in each year, in the amount per Series 4 Share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by $25.00. The Floating Quarterly Dividend Rate for a Quarterly Floating Rate Period (as defined herein) will be equal to the sum of the T-Bill Rate (as defined herein) plus 3.46% per annum (calculated on the basis of the actual number of days in the applicable Quarterly Floating Rate Period divided by 365) determined on the 30th day prior to the first day of the applicable Quarterly Floating Rate Period. See “Details of the Offering”. | Shares Offered: | 4800000 | Liquidation Preference: | $25 | Original Coupon: | 5.00% | Pay Period: | Quarterly | Pay Dates: | 31-Mar, 30-Jun, 30-Sep, 31-Dec | CDx3 Compliance Rating: |
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Northland Power is a power producer. Co. develops, builds, owns and operates sustainable infrastructure assets that produce electricity from clean burning natural gas and renewable resources such as wind, solar and biomass. Co.'s power-producing facilities produce electricity from clean energy sources for sale primarily under long-term power purchase agreements or other arrangements with customers. Co.'s utility is a distributor and retailer of electricity compensated under a regulated framework. Co.'s operating assets are located in Canada, Germany, the Netherlands and Colombia. Co. operates through three segments: Offshore Wind; Natural Gas; On-shore Renewable; and Utility. Preferred: NPI.PRC.CA Open the NPI.CA Information Page »
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