Northland Power wraps C$77 million early redemption of 5% convertible

Chicago, Dec. 21 – Northland Power Inc. announced the completion of the early redemption of its 5% extendible convertible unsecured subordinated debentures, series B, due June 30, 2019, according to a news release.

Approximately C$54.1 million of the securities were converted into an issuance of 2,504,670 new common shares, bringing the total number of common shares outstanding to 179,201,743. The conversion price was C$21.60, equivalent to 46.2963 shares per C$1,000 principal amount, as previously reported.

The company redeemed C$22.9 million of the securities in cash.

The company’s stock closed at C$21.35 on Friday.

Northland Power is a Toronto-based independent power producer that builds, owns and operates natural gas and green energy facilities.

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