Northland Power Announces Closing of Subscription Receipt Offering
TORONTO, Sept. 18, 2019 — Northland Power Inc. (“Northland”) (TSX: NPI) is pleased to report the closing of its previously announced bought deal offering (the “Offering”) of subscription receipts (“Subscription Receipts”). A total of 14,289,000 Subscription Receipts, including 1,299,000 Subscription Receipts issued pursuant to the exercise in full by the Underwriters of their over-allotment option, were sold at an offering price of $24.25 per Subscription Receipt (the “Offering Price”) for aggregate gross proceeds of $346,508,250.
The Subscription Receipts will commence trading today on the Toronto Stock Exchange under the symbol NPI.R.
The net proceeds from the Offering will be held in escrow and are intended to directly or indirectly, fund a portion of Northland’s previously announced acquisition of a 99.2% interest in the Colombian regulated utility Empresa de Energía de Boyacá (the “Acquisition”).
Each Subscription Receipt will entitle the holder to receive one common share of Northland upon closing of the Acquisition. For further information regarding the Offering and the Acquisition, including related risk factors, refer to the Prospectus Supplement that Northland filed on SEDAR on September 11, 2019.
The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sale of these securities, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.
ABOUT NORTHLAND POWER
Northland Power is a global developer, owner and operator of sustainable infrastructure assets that deliver predictable cash flows. Headquartered in Toronto, Canada, Northland was founded in 1987 and has been publicly traded since 1997 on the Toronto Stock Exchange (TSX: NPI).
The Company owns or has an economic interest in 2,429 MW (net 2,014 MW) of operating generating capacity and 399 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the German North Sea and the La Lucha solar project in Mexico. Northland also owns a 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan.
Northland’s common shares, Subscription Receipts, Series 1, Series 2 and Series 3 preferred shares and Series C convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.R, NPI.PR.A, NPI.PR.B, NPI.PR.C and NPI.DB.C, respectively.
For further information, please contact:
Wassem Khalil, Senior Director, Investor Relations & Strategy
+1 (647) 288-1019