Northland Power Inc. completes offering of $157.5 million convertible debentures 

Date Closed: 1/22/2015

Value: C$157.5 million

On January 22, 2015, Northland Power Inc. completed an offering of $150,000,000 aggregate principal amount of 4.75% convertible unsecured subordinated debentures, Series C.  The underwriters exercised their over-allotment option in respect of the offering, bringing the total proceeds for the offering to $157,500,000.

The net proceeds of the offering will be principally utilized to fund a portion of Northland's investment in Nordsee One, a 332 megawatt offshore wind development project located in the North Sea and Grand Bend onshore wind project in Ontario.    

The offering was made through a syndicate of underwriters led by BMO Nesbitt Burns Inc., and included CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., Casgrain & Company Limited, FirstEnergy Capital Corp., Canaccord Genuity Corp. and Cormark Securities Inc.

BLG represented Northland with a team led by Linda Bertoldi, Paul A.D. Mingay, Habeeb Syed and Linda Tu (Corporate and Securities) and Daniel Lang (Tax).