Northland Power calls all series 3 rate reset preferred shares

By Marisa Wong

Los Angeles, Nov. 28 – Northland Power Inc. intends to redeem all of its 4.8 million issued and outstanding cumulative rate reset preferred shares, series 3, according to a company news release.

The company will redeem the preferreds on Jan. 3 at a price of C$25.00 per preferred, together with accrued dividends to but excluding Dec. 31, for an aggregate amount of C$121.5 million.

The final quarterly dividend of C$0.3175 per preferred payable on Dec. 30 will be the final quarterly dividend on the series 3 preferreds and will be considered to be an accrued dividend and included in the redemption price.

Based in Toronto, Northland produces electricity from clean renewable resources.

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