Northland Power Inc. closes bought deal equity offering for C$862.5M
April 05, 2019
862.50 Million CAD
On April 5, 2019, Northland Power Inc. ("Northland") announced the closing of a secondary offering of 36,938,000 common shares of Northland held by Northland Power Holdings Inc. and other related persons, representing C$862,502,300 of gross proceeds. The offering was made by a syndicate of underwriters led by CIBC Capital Markets (collectively the “Underwriters”). Northland will not receive any proceeds from the offering and the selling shareholders have no intention of disposing of any further common shares. The selling shareholders, however, continue to have the option to participate in Northland’s dividend reinvestment plan, thereby acquiring ownership of more common shares.
Northland Power Inc. is a Canadian independent renewable power producer and energy trader that develops, builds, owns, and operates clean and green power projects primarily in Canada and Europe.
McCarthy Tétrault LLP advised the Underwriters with a team led by Jonathan Grant that included Scott Chalmers, Wendi Locke, Michael Eldridge, Jeremy Pleasant, Leslie Greey and Zach Masoud (Business), William Lee (Financial Services) and Gabrielle Richards (Tax).