Northland Power Inc. completed an offering of $150-million aggregate principal amount of 4.75 per cent 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 $157.5 million.
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.
Northland was represented by Borden Ladner Gervais LLP with a team consisting of Linda Bertoldi, Paul Mingay, Habeeb Syed and Linda Tu (corporate and securities) and Daniel Lang (tax).
The underwriters were represented by McCarthy Tétrault LLP with a team consisting of Jonathan Grant, Wendi Locke, Matthew Appleby and Graeme Norwood (capital markets) and James Morand and Robert Nearing (tax).