Northland Power has approximately 4.5 million Cumulative 5-Year Rate Reset Preferred Shares (Series 1) outstanding.
The holders of Series 1 Preferred Shares are entitled to receive fixed cumulative dividends at an annual rate of $0.88 per share, payable quarterly, on last business day of March, June, September and December.
The dividend rate will reset on September 30, 2020 and every five years thereafter at a rate equal to the then five-year Government of Canada Bond yield plus 2.80%. The Series 1 Preferred Shares may be redeemed by the corporation, at the election of the corporation, on September 30, 2020 and every five years thereafter. The Series 1 Preferred Shares are rated P-3 by Standard & Poor's.
The Series 1 preferred shares are listed on the Toronto Stock Exchange (TSX) under the symbol NPI.PR.A.