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Northland Power opts not to convert series 3 preferred shares

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Northland Power opts not to convert series 3 preferred shares

Northland Power Inc. has decided not to convert any of its series 3 cumulative rate reset preferred shares into series 4 cumulative floating rate preferred shares, after less than 1 million of its series 3 shares were tendered for conversion.

As a result, the company will continue to have 4.8 million series 3 shares, which are listed on the Toronto Stock Exchange under the symbol "NPI.PR.C", according to a Dec. 19 release.

The company will pay fixed quarterly dividends on the series 3 shares for the period from Jan. 2, 2018, until Dec. 31, 2022, at an annual rate of 5.08%, or 31.75 Canadian cents per share per quarter.