/THIS MEDIA RELEASE IS NOT FOR DISTRIBUTION TO
UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED
STATES/
LONGUEUIL, QC, June 12, 2018 /CNW Telbec/ - Innergex
Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation")
has completed today the previously announced bought deal offering
(the "Offering") of convertible unsecured subordinated debentures
of Innergex (the "Debentures"). The Corporation issued an aggregate
principal amount of $150 million of
Debentures at a price of $1,000 per
Debenture, bearing interest at a rate of 4.75% per annum, payable
semi-annually on June 30 and
December 31 each year, commencing on
December 31, 2018.
The Debentures will be convertible at the holder's option into
Innergex common shares at a conversion price of $20.00 per share (the "Conversion Price"),
representing a conversion rate of 50 common shares per $1,000 principal amount of Debentures. The
Debentures will mature at 5:00 PM EDT
on June 30, 2025. They will not be
redeemable before June 30, 2021. On
and after June 30, 2021, and before
June 30, 2023, Innergex may redeem
the Debentures at par plus accrued and unpaid interest, in certain
circumstances. On or after June 30,
2023, Innergex may redeem the Debentures at par plus accrued
and unpaid interest.
Innergex has also granted an over-allotment option to the
underwriters of the Offering, entitling them to purchase, for a
period of 30 days from the closing of the Offering, up to
$22.5 million principal amount of
additional Debentures at the offering price of $1,000 per Debenture, to cover over-allotments,
if any.
The net proceeds of the Offering will be used to reduce drawings
under the Corporation's revolving term credit facility, which will
then be available to be drawn, as required, to fund future
acquisitions, development projects and for general corporate
purposes.
The Debentures were distributed under a short from prospectus
dated June 5, 2018, which is
available on SEDAR at www.sedar.com. The Offering was underwritten
by a syndicate of underwriters led by TD Securities Inc., CIBC
World Markets Inc., BMO Nesbitt Burns Inc., National Bank Financial
Inc., and including RBC Dominion Securities Inc., Desjardins
Securities Inc., Canaccord Genuity Corp., Industrial Alliance
Securities Inc. and Raymond James Ltd.
The Debentures will commence trading on the Toronto Stock
Exchange today under the symbol INE.DB.B.
The Debentures and the common shares of the Corporation issuable
upon conversion, redemption or maturity of the Debentures have not
been and will not be registered under the U.S. Securities Act of
1933 and may not be offered or sold to U.S. persons except
pursuant to applicable exemptions from registration.
About Innergex Renewable Energy Inc.
The
Corporation develops, acquires, owns and operates run-of-river
hydroelectric facilities, wind farms, solar photovoltaic farms and
geothermal power generation plants. As a global player in the
renewable energy sector, Innergex conducts operations in
Canada, the United States, France and Iceland. Innergex manages a large portfolio of
assets currently consisting of interests in 64 operating facilities
with an aggregate net installed capacity of 1,642 MW (gross
2,886 MW), including 34 hydroelectric facilities, 25 wind farms,
three solar farms and two geothermal facilities. Innergex also
holds interests in two projects under development with a net
installed capacity of 355 MW (gross 360 MW) one of which is
currently under construction and prospective projects at different
stages of development with an aggregate net capacity totalling
8,180 MW (gross 8,850 MW). Innergex Renewable Energy Inc. is rated
BBB- by S&P. The Corporation's strategy for building
shareholder value is to develop or acquire high-quality facilities
that generate sustainable cash flows and provide an attractive
risk-adjusted return on invested capital and to distribute a stable
dividend.
Forward-Looking Information Disclaimer
In
order to inform readers of the Corporation's future prospects, this
press release contains forward-looking information within the
meaning of applicable securities laws ("Forward-Looking
Information"). Forward-Looking Information can generally be
identified by the use of words such as "projected", "potential",
"expect", "will", "should", "estimate", "forecasts", "intends", or
other comparable terminology that states that certain events will
or will not occur. It represents the estimates and expectations of
the Corporation relating to future results and developments as of
the date of this press release. It includes future-oriented
financial information or financial outlook within the meaning of
securities laws, such as use of proceeds of the Offering, to inform
readers of the potential financial impact of the Offering. Such
information may not be appropriate for other purposes.
The material risks and uncertainties that may cause actual
results and developments to be materially different from current
expressed Forward-Looking Information are referred to in the
Corporation's Annual Information Form in the "Risk Factors" section
and include, without limitation: the ability of the Corporation to
execute its strategy for building shareholder value; its ability to
raise additional capital and the state of capital markets;
liquidity risks related to derivative financial instruments;
variability in hydrology, wind regimes and solar irradiation;
delays and cost overruns in the design and construction of
projects; uncertainty surrounding the development of new
facilities; variability of installation performance and related
penalties; and the ability to secure new power purchase agreements
or to renew existing ones.
Although the Corporation believes that the expectations and
assumptions on which Forward-Looking Information is based are
reasonable, readers of this press release are cautioned not to rely
unduly on this Forward-Looking Information since no assurance can
be given that they will prove to be correct. The Corporation does
not undertake any obligation to update or revise any
Forward-Looking Information, whether as a result of events or
circumstances occurring after the date of this press release,
unless so required by legislation.
innergex.com
SOURCE Innergex Renewable Energy Inc.