A power converter having input and output nodes and a method of operating the same. In one embodiment, the power converter includes a switching circuit including first, second and third active phase legs. Each of the first, second and third active legs includes a first switch coupled to one of the input nodes and a second switch coupled to another of the input nodes and has a common switching node therebetween. The power converter further includes a magnetic device including first, second and third primary windings, and first, second and third secondary windings. The first, second and third primary windings are coupled to the common switching node of the first, second and third active phase legs, respectively. The power converter still further includes a rectifier including first, second and third rectifier elements interposed between the first, second and third secondary windings, respectively, and one of the output nodes.