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Northland Power closes C$346.5M offering to fund purchase of Colombian utility

Northland Power Inc. completed a bought-deal offering of approximately C$346.5 million subscription receipts.

The Canadian company issued a total of 14,289,000 subscription receipts at C$24.25 apiece, including 1,299,000 subscription receipts issued after the underwriters exercised their overallotment option.

Net proceeds will be held in escrow and will fund a portion of Northland Power's proposed C$1.05 billion acquisition of the Colombian regulated utility Empresa de Energía de Boyacá ESP.

Upon completion of the acquisition, each subscription receipt will entitle the holder to receive one common share of Northland Power.

The subscription receipts will start trading on the Toronto Stock Exchange under the symbol NPI.R.