TORONTO, ONTARIO--(Marketwired - March 11, 2014) -
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Northland Power Inc. ("Northland") (TSX:NPI)(TSX:NPI.PR.A)(TSX:NPI.PR.C)(TSX:NPI.DB.A)(TSX:NPI.DB.B) announces that, further to the bought deal offering of 5.00% extendible convertible unsecured subordinated debentures, series B (the "Debentures") and common shares, which closed on March 5, 2014, the underwriters have fully exercised their over-allotment option in respect of the Debentures. As a result of the over-allotment exercise, additional Debentures in the principal amount of $3,750,000 were issued today resulting in an aggregate principal amount of Debentures of $78,750,000.
The Debentures commenced trading on the TSX on March 5, 2014 under the symbol NPI.DB.B. The first interest payment on the Debentures, accruing from March 5, 2014 to but excluding June 30, 2014, will be in the amount of $16.02 per $1,000 Debenture.
Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland develops, builds, owns and operates facilities that produce 'clean' (natural gas) and 'green' (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities.
The company owns or has a net economic interest in 1,349 MW of operating generating capacity, with an additional 110 MW (80 MW net to Northland) of generating capacity currently in construction, and another 150 MW (79 MW net to Northland) of wind, solar and run-of-river hydro projects with awarded power contracts. In addition, Northland has acquired the rights to a majority equity stake in Gemini. Northland's cash flows are diversified over five geographically separate regions and regulatory jurisdictions in Canada, Europe and the United States.
Northland's common shares, Series 1 and Series 3 preferred shares and convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.C, NPI.DB.A and NPI.DB.B, respectively.