Innergex completes a $50 Million bought deal offering of Cumulative Redeemable
Fixed-Rate Preferred Shares
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES/
LONGUEUIL, QC, Dec. 11, 2012 /CNW Telbec/ - Innergex Renewable Energy Inc.
(TSX:INE) ("Innergex" or the "Corporation") has completed today the
previously announced bought deal offering of Cumulative Redeemable Fixed-Rate
Preferred Shares Series C (the "Series C Shares").
The Corporation issued a total of 2,000,000 Series C Shares at a price of
$25.00 per share, for aggregate gross proceeds of $50,000,000. The offering
was made on a bought deal basis through a syndicate of underwriters co-led by
TD Securities Inc., National Bank Financial Inc. and BMO Capital Markets.
The Series C Shares commence trading on the Toronto Stock Exchange today under
the symbol INE.PR.C.
The Corporation intends to use the proceeds of the offering to repay a portion
of its revolving term credit facility and for general corporate purposes.
The Series C Shares were distributed under a short form prospectus dated
December 4, 2012 and details of the distribution are set out in the short form
prospectus which is available on SEDAR at www.sedar.com.
About Innergex Renewable Energy Inc.
Innergex Renewable Energy Inc. (TSX: INE) is a leading Canadian independent
renewable power producer. Active since 1990, the Corporation develops, owns,
and operates run-of-river hydroelectric facilities, wind farms, and solar
photovoltaic farms and carries out its operations in Quebec, Ontario, British
Columbia, and Idaho, USA. Its portfolio of assets currently consists of:
(i)interests in 28 operating facilities with an aggregate net installed
capacity of 577MW (gross 1,031MW), including 22 hydroelectric operating
facilities, five wind farms, and one solar photovoltaic farm; (ii) interests
in eight projects under development or under construction with an aggregate
net installed capacity of 188MW (gross 263MW), for which power purchase
agreements have been secured; and (iii) prospective projects with an aggregate
net capacity totaling 2,904 MW (gross 3,127MW). Innergex Renewable Energy
Inc. is rated BBB- by S&P and BBB (low) by DBRS.
The Corporation's strategy for building shareholder value is to develop or
acquire high-quality facilities generating sustainable cash flows and
providing a high return on invested capital, and to distribute a stable
Forward-Looking Information Disclaimer
In order to inform shareholders and potential investors about the
Corporation's future prospects, this news release may contain forward-looking
information within the meaning of securities legislation ("Forward-Looking
Information"). Forward-Looking Information can generally be identified by the
use of words and phrases, such as "about", "approximate", "potential", "may,"
"will," "estimate," "anticipate," "plans," "expects" or "does not expect," "is
expected," "budget," "scheduled," "forecasts," "intends" or "believes," or
variations of such words and phrases that state that certain events will occur.
The Forward-Looking Information includes forward-looking financial information
or financial outlook, within the meaning of securities laws, such as use of
funds, or impact on the Corporation's capital structure, to inform investors
and shareholders of the potential financial impact of this bought deal
financing of fixed-rate preferred shares; such information may not be
appropriate for other purposes.
Forward-Looking Information represents, as of the date of this news release,
the estimates, forecasts, projections, expectations, or opinions of the
Corporation relating to future events or results. Forward-looking Information
involves known and unknown risks, uncertainties and other important factors,
which may cause the actual results or performance to be materially different
from any future results or performance expressed or implied by the Forward
Looking Information. The material risks and uncertainties which may cause the
actual results and developments to be materially different from the current
expressed expectations in this news release include, without limitation: (i)
execution of strategy; (ii) capital resources; (iii) derivative financial
instruments; (iv) availability of water flows, wind and sun light; (v) failure
to close the recently announced transactions; (vi) construction and design;
(vii) development of new facilities; (viii) project performance; (ix) permits;
* equipment failure; (xi) health, safety and environmental risks; (xii)
interest rate and refinancing risk; (xiii) financial leverage and restrictive
covenants; and (xiv) relationship with public utilities. Although the
Corporation believes that the expectations instigated by the Forward-Looking
Information are based on reasonable and valid hypotheses, there is a risk that
the Forward-Looking Information may be incorrect. The reader is cautioned not
to rely unduly on this Forward-Looking Information. The Forward-Looking
Information expressed verbally or in writing, by the Corporation or by a
person acting on its behalf, is expressly qualified by this cautionary
statement. 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 hereof, unless required by legislation.
Jean Trudel, MBA Chief Investment Officer and Senior Vice-President -
Communications 450-928-2550, ext. 252 firstname.lastname@example.org
Marie-Josée Privyk, CFA Director - Investor Relations 450-928-2550, ext. 222
SOURCE: INNERGEX RENEWABLE ENERGY INC.
To view this news release in HTML formatting, please use the following URL:
CO: INNERGEX RENEWABLE ENERGY INC.
NI: UTI PVT
-0- Dec/11/2012 13:32 GMT
Press spacebar to pause and continue. Press esc to stop.