This press release constitutes a “designated press release” for purposes of supplementing the Company’s prospectus dated September 7, 2022 to the short-term prospectus on the primary shelf dated June 16, 2021.
TORONTO, Nov. 25, 2022 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland or the “Company”) (TSX: NPI) announced today that it intends to redeem all of its issued and outstanding Preferred Stock for Cumulative Reset Series 3 (the “Series 3 Preferred Stock”) on January 3, 2023 (the “Redemption Date”) at a price of $25.00. For each Series 3 Preferred Share plus all dividends due and unpaid through December 31, 2022, exclusively (excluding any tax the Company must withhold or withhold) (the “Redemption Price”), a grand 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 Series 3 Preferred Stock, and will be considered an accrued, unpaid dividend and included in the redemption price.
The Company today disclosed the redemption price and redemption date for the registered sole holder of Series 3 Preferred Shares, subject to its terms. Holders of unregistered Series 3 Preferred Stock should contact their broker or other broker for further information regarding the redemption process of Series 3 Preferred Stock beneficially owned by them.
Once Series 3 Preferred Shares are redeemed, holders of Series 3 Preferred Shares will cease to be entitled to the dividend and will no longer be eligible for any rights as holders except to receive the redemption price.
About NORTHLAND POWER
Northland Power is a global energy producing company that strives to contribute to the clean energy transition by generating electricity from clean, renewable sources. Founded in 1987, Northland has a long history of developing, building, owning and operating clean and green energy infrastructure, and is a world leader in wind energy. In addition, Northland owns and operates diverse generation resources, including renewable onshore and offshore power. Natural gas is energy efficient, providing energy through a regulated utility company.
Headquartered in Toronto, Canada, with offices in eight countries, Northland owns or has a financial interest in 3.0 gigawatts of electricity generated (2.6 gigawatts net). The company also has several projects under construction that are in various stages of development and include more than 14 GW of potential capacity.
Publicly traded since 1997, Northland’s common stock as well as Series 1, Series 2, and Series 3 preferred stock are traded on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, and NPI.PR. B and NPI.PR.C, respectively.
This press release contains certain forward-looking statements. Readers are cautioned that this data may not be suitable for other purposes. Forward-looking statements include statements that are not historical facts and are predictive in nature, depend on or refer to future events or conditions, or include words and phrases such as “expect,” “anticipate,” “plan,” “believe,” “estimate,” “intend,” “Aim”, “project”, “expect” or negative forms of these terms or other similar expressions or verbs in the future tense or in the conditional situation. These statements are based on significant factors or assumptions that were applied in making the forward-looking statements. Although these forward-looking statements are based on management’s current reasonable expectations and assumptions, they are subject to many risks and uncertainties. Some of the factors that could cause actual results or events to differ from current expectations include, but are not limited to, the factors described under “Risks and Uncertainties” in Northland’s 2021 Annual Report and Annual Information Form, which can be found on SEDAR, at www. .sedar.com under the Northland File, and on the Northland website at northlandpower.com. Northland’s actual results could differ materially from those expressed or implied by these forward-looking statements and, therefore, there can be no guarantee that events anticipated from the forward-looking statements will occur or occur.
The forward-looking statements in this release are based on assumptions that were believed to be reasonable as of the date of this release. Except as expressly required by law, Northland does not undertake to update any forward-looking statements to reflect events or circumstances after this date or to reflect the occurrence of unanticipated events. , whether as a result of new information, future events or results, or otherwise. .
For more information, please contact:
Wissam Khalil, Senior Manager, Investor Relations