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Northland Power Issues Notice of Redemption for 4.75% Convertible Unsecured Subordinated Debentures

April 06, 2020

Not for distribution to U.S. newswire services or for dissemination in the United States or its possessions. Any failure to comply with this restriction may constitute a violation of U.S. securities law.

TORONTO, April 06, 2020 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland”) (TSX: NPI) announces that it has issued a notice (the “Notice”) of redemption to holders of its currently outstanding 4.75% convertible unsecured subordinated debentures, Series C, due June 30, 2020 (the “Debentures”). As set out in the Notice, the redemption date of the Debentures will be May 11, 2020 (the “Redemption Date”). The Debentures are redeemable for an amount equal to the principal amount of the Debentures plus accrued unpaid interest up to, but excluding, the Redemption Date.

Prior to 5:00 p.m. ET on the last business day immediately preceding the Redemption Date, a holder of the Debentures (a “Holder”) will have the right to convert their Debentures into common shares of Northland at a conversion price of $21.60 per common share.

A Holder electing to convert the principal amount of their Debentures will receive 46.2963 common shares for each $1,000 principal amount of Debentures converted. No fractional shares will be issued on conversion but, in lieu thereof, Northland shall satisfy any fractional interest by a cash payment equal to the fractional interest which would have been issuable multiplied by the conversion price. All Holders who fail to deliver a notice of conversion as described above shall have their Debentures redeemed for cash on the Redemption Date.

Holders who wish to convert their Debentures into Common Shares should consult with their financial institutions as soon as possible and allow for sufficient time to complete the conversion process.

ABOUT NORTHLAND

Northland 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).

Northland owns or has an economic interest in 2,681 MW (net 2,266 MW) of operating generating capacity and 130 MW of generating capacity under construction, representing 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 and operates a regulated utility business in Colombia.

Northland's common shares, 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.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
investorrelations@northlandpower.com

For media inquiries, please contact

Susan Sperling, Director of Communications
+1 (647) 288-1105
communications@northlandpower.com 

 

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