NEP will establish an at-the-market equity issuance – or ‘dribble’ – programme, allowing it to issue new shares worth up to $150m when market conditions look favourable, the company said Wednesday.
The programme gives NEP “the flexibility to issue new units when the price supports new issuance”, the company says.
At its current share price of $24.39, NEP has a market capitalisation of $707.4m.
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