Northland Power Announces Redemption of Series 3 Preferred Shares
November 25 2022 - 5:00PM
Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI)
announced today that it intends to redeem all of its 4,800,000
issued and outstanding Cumulative Rate Reset Preferred Shares,
Series 3 (the “Series 3 Preferred Shares”) on January 3, 2023 (the
“Redemption Date”) 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 “Redemption Price”) for
an aggregate total of $121.5 million.
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.
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.
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.
ABOUT NORTHLAND POWER
Northland Power is a global power producer
dedicated to helping the clean energy transition by producing
electricity from clean renewable resources. Founded in 1987,
Northland has a long history of developing, building, owning and
operating clean and green power infrastructure assets and is a
global leader in offshore wind. In addition, Northland owns and
manages a diversified generation mix including onshore renewables,
efficient natural gas energy, as well as supplying energy through a
regulated utility.
Headquartered in Toronto, Canada, with global
offices in eight countries, Northland owns or has an economic
interest in 3.0GW (net 2.6GW) of operating capacity. The Company
also has a significant inventory of projects in construction and in
various stages of development encompassing over 14GW of potential
capacity.
Publicly traded since 1997, Northland's common
shares, Series 1, Series 2 and Series 3 preferred shares trade on
the Toronto Stock Exchange under the symbols NPI, NPI.PR.A,
NPI.PR.B and NPI.PR.C, respectively.
FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking
statements. Readers are cautioned that such statements may not be
appropriate for other purposes. Forward-looking statements include
statements that are not historical facts and 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 are based upon
certain material factors or assumptions that were applied in
developing the forward-looking statements. 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, the factors described in the
“Risks and Uncertainties” section of Northland’s 2021 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
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:
Wassem Khalil, Senior Director, Investor
Relations(647) 288-1019investorrelations@northlandpower.com
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