June 13 (Renewables Now) - Innergex Renewable Energy Inc (TSE:INE) has finalised a bought deal offering of convertible unsecured subordinated debentures, raising CAD 150 million (USD 115m/EUR 98m) gross.
The Canadian renewable power producer will use the proceeds to reduce drawings under its revolving term credit facility, which is available to fund future acquisitions, development projects and for general corporate purposes
Innergex issued the debentures at a price of CAD 1,000 apiece. They bear interest at a rate of 4.75% per annum, payable semi-annually on June 30 and December 31 of each year, with the start set for December 31, 2018. The units mature on June 30, 2025 and cannot be redeemed before June 30, 2021.
The holders of these debentures will have the option to convert them at a price of CAD 20.00 per share. This represents a conversion rate of 50 common shares per CAD 1,000 principal amount of debentures.
The offering was underwritten by a syndicate 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. They have received an option to purchase CAD 22.5 million more debentures at the same price over a 30-day period following the closing.
(CAD 1.0 = USD 0.768/EUR 0.653)