Innergex Renewable Energy closes $100M offering of debentures

On August 10, 2015, Innergex Renewable Energy Inc. (Innergex or the Corporation) completed the bought deal offering (the Offering) of convertible unsecured subordinated debentures of the Corporation (the Debentures).

The Corporation issued an aggregate principal amount of $100 million of Debentures at a price of $1,000 per Debenture, bearing interest at a rate of 4.25 per cent per annum, payable semi-annually on August 31 and February 28 each year, commencing on February 28, 2016.

The Debentures will be convertible at the holder’s option into Innergex common shares at a conversion price of $15.00 per share, representing a conversion rate of 66.6667 common shares per $1,000 principal amount of Debentures. The Debentures will mature on August 31, 2020, and will not be redeemable before August 31, 2018, except in certain limited circumstances.

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 $15,000,000 principal amount of additional Debentures at the offering price of $1,000 per Debenture, to cover over-allotments, if any.

The Offering was underwritten by a syndicate of underwriters co-led by National Bank Financial Inc., TD Securities Inc. and BMO Capital Markets, which included Desjardins Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., and Industrial Alliance Securities Inc.

Innergex was represented by Nathalie Théberge, its Vice President, Corporate Legal Affairs and Secretary, and was assisted by a team from McCarthy Tétrault LLP which included Philippe Fortier, Frédéric Cotnoir, Myreille Gilbert and Mark McEwan.

Borden Ladner Gervais LLP represented the underwriters with a team led by Pascal de Guise and John Godber that included Yaniv Saragosti and Maxime Lemoyne.