Deal with Northland Power Holdings, C$220 million public sale planned
By Devika Patel
Knoxville, Tenn., Feb. 24 – Northland Power Inc. said it plans to raise C$50 million in a non-brokered private placement of stock with Northland Power Holdings Inc.
The company will sell 3,125,000 shares at C$16.00 each. The price per share is a 2.68% discount to the Feb. 23 closing share price of C$16.44.
The company also plans a C$220 million public sale of 13.75 million shares at the same price with an C$11 million greenshoe. The public offering will be conducted by a syndicate of underwriters led by CIBC, BMO Capital Markets, and National Bank Financial.
Settlement is expected March 5.
Proceeds will be used for investments in the Nordsee One project and the Grand Bend wind project, working capital and general corporate purposes.
Toronto-based Northland develops, builds, owns and operates facilities that produce natural gas, wind, solar and hydro energy.
| Issuer: | Northland Power Inc.
|
| Issue: | Common shares
|
| Amount: | C$50 million
|
| Shares: | 3,125,000
|
| Price: | C$16.00
|
| Warrants: | No
|
| Investor: | Northland Power Holdings Inc.
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 5
|
| Stock symbol: | Toronto: NPI
|
| Stock price: | C$16.44 at close Feb. 23
|
| Market capitalization: | C$2.39 billion
|
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