Canadian clean and green power facilities developer and owner Northland Power Inc. revealed that its subsidiary, Northland Power Holdings Inc., plans to raise around $750 million in a share offering.
Northland Power Holdings Inc. has agreed with a syndicate of underwriters led by CIBC Capital Markets, to acquire, on a bought deal basis, an aggregate of 32.1 million common shares of Northland held by the company at an offering price of $23.35 per share.
The underwriters have also been granted an over-allotment option to buy up to an additional 4.8 million shares at the offering price for additional gross proceeds of about $113 million.
The offering, subject to customary closing conditions, is expected to be finalized on or about April 5, 2019.