By Wendy Van Sickle
Columbus, Ohio, Sept. 5 – Innergex Renewable Energy Inc. priced C$125 million of seven-year convertible unsecured subordinated debentures in a bought deal after the market close on Thursday with a coupon of 4.65% and an initial conversion premium of 48%, according to a company news release.
TD Securities Inc., CIBC Capital Markets, BMO Capital Markets and National Bank Financial Inc. were joint bookrunners for the offering, which carries a greenshoe of C$18.75 million.
The offering is being distributed by way of short form prospectus in each of the provinces of Canada and may also be distributed in the United States under applicable registration exemptions.
The debentures are non-callable until Oct. 31, 2022. They are provisionally callable from Oct. 30, 2021 to Oct. 31, 2024 and then freely callable.
Proceeds will be used to reduce drawings under the revolving term credit facility, fund future acquisitions, to redeem existing convertible debentures and development projects and for general corporate purposes.
Innergex is a Longueuil, Quebec-based owner and operator of hydroelectric facilities, wind energy and solar farms.
| Issuer: | Innergex Renewable Energy Inc.
|
| Securities: | Convertible unsecured subordinated debentures
|
| Amount: | C$125 million
|
| Greenshoe: | C$18.75 million
|
| Maturity: | Oct. 31, 2026
|
| Bookrunners: | TD Securities Inc., CIBC Capital Markets, BMO Capital Markets and National Bank Financial Inc.
|
| Coupon: | 4.65%
|
| Price: | Par
|
| Conversion premium: | 48%
|
| Conversion price: | C$22.90
|
| Conversion rate: | 43.6681
|
| Call options: | Non-callable until Oct. 31, 2022, provisionally callable until Oct. 31, 2024 then freely callable
|
| Pricing date: | Sept. 5
|
| Settlement date: | Sept. 30
|
| Stock symbol: | TSX: INE
|
| Stock price: | C$15.48 at the market close Sept. 5
|
| Market capitalization: | C$2.06 billion
|
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