OTHER SECURITIES
Series 1 Preferred Shares
Northland Power has 6 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
$1.3125 per share, payable quarterly, on last day of March, June,
September and December. The dividend rate will reset on September 30,
2015 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 are redeemable on or after September 30, 2015. 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 under the symbol NPI.PR.A.
Series 3 Preferred Shares
Northland Power has 4.8 million Cumulative 5-Year Rate Reset Preferred
Shares (Series 3) outstanding. The holders of Series 3 Preferred Shares
are entitled to receive fixed cumulative dividends at an annual rate of
$1.25 per share, payable quarterly, on last day of March, June,
September and December. The dividend rate will reset on December 31,
2017 and every five years thereafter at a rate equal to the then
five-year Government of Canada Bond yield plus 3.46%. The Series 3
Preferred Shares are redeemable on or after December 31, 2017. The
Series 3 Preferred Shares are rated P-3 by Standard & Poor's.
The Series 3 preferred shares are listed on the Toronto Stock Exchange under the symbol NPI.PR.C.
Convertible Debentures
Northland Power has 6.25% convertible unsecured subordinated debentures
outstanding that mature on December 31, 2014 (the “2014 Debentures”).
Interest on the 2014 Debentures is paid semi-annually in arrears on June
30 and December 31. Holders may convert the 2014 Debentures into common
shares of Northland Power at a conversion price of $12.42 per share at
any time prior to December 31, 2014. Northland may at its option satisfy
its obligation to pay the redemption price of the 2014 Debentures in
common shares of Northland at maturity. The 2014 Debentures cannot be
redeemed by Northland Power before January 1, 2013.
The 2014 Debentures are listed on the Toronto Stock Exchange under the symbol NPI.DB.A.