Innergex pockets CAD 144m from convertible debentures sale

Innergex Renewable Energy Inc (TSE:INE) has boosted the gross proceeds from its recently-closed offering of convertible debentures to CAD 143.75 million (USD 107.9m/EUR 98.5m) after over-allotments have been covered.

The Canadian renewable power producer said on Wednesday it has issued an additional CAD 18.75 million worth of convertible unsecured subordinated debentures to underwriters of the CAD-125 million placement. The over-allotment option was exercised in full.

Innergex placed convertible unsecured subordinated debentures on a bought deal basis at CAD 1,000 apiece, with an interest of 4.65% per year and maturity on October 31, 2026. The additional debentures, issued to the consortium of underwriters led by TD Securities Inc, CIBC Capital Markets, BMO Capital Markets and National Bank Financial Inc, were sold at the same price and conditions.

The Canadian power producer, which owns almost 2 GW of installed hydropower, wind and solar capacity in Canada, the US, France and Chile, will use fresh funds to prepay debt under an existing revolving credit facility, finance new projects and other growth opportunities, as well as for general corporate purposes.

The debentures are trading on the Toronto stock exchange under the symbol “INE.DB.C.”

(CAD 1.0 = USD 0.751/EUR 0.685)

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