Innergex extends its revolving term credit facility to 2018
-- $425 million facility extended with a new five-year term
-- Same terms and conditions, greater flexibility
LONGUEUIL, QC, June 17, 2013 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") has extended its $425 million revolving term credit facility with a new five-year term ending in 2018.
"This credit facility provides us with a flexible instrument to finance our growth. We are very pleased to have successfully extended it with our current syndicate of lenders, and we appreciate their show of confidence in our company", states Michel Letellier, President and Chief Executive Officer of the Corporation.
The revolving term credit facility serves in part to finance 13 of the Company's otherwise unencumbered operating facilities, and in part to provide a flexible source of capital to fund the Company's growth. Terms and conditions remain unchanged and usage flexibility is enhanced. The banking syndicate for the facility also remains unchanged, and includes The Toronto-Dominion Bank as administrative agent and lender, Bank of Montreal as syndication agent and lender, and Canadian Imperial Bank of Commerce, Caisse centrale Desjardins, National Bank of Canada, The Bank of Nova Scotia, and Laurentian Bank of Canada, also as lenders.
About Innergex Renewable Energy Inc.
Innergex Renewable Energy Inc. (TSX: INE) is a leading Canadian independent renewable power producer. Active since 1990, the Company 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 577 MW (gross 1,031 MW), 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 265 MW (gross 413 MW), for which power purchase agreements have been secured; and (iii) prospective projects with an aggregate net capacity totaling 2,900 MW (gross 3,125 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P and BB (high) by DBRS (unsolicited rating).
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 dividend.
Forward-Looking Information Disclaimer
This press release contains forward-looking information within the meaning of securities legislation. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by looking for words such as "about", "approximately", "may", "believes", "expects", "will", "intend", "should", "plan", "predict", "potential", "project", "anticipate", "estimate", "continue" or similar words or the negative thereof or other comparable terminology.
The forward-looking information is based on certain key expectations and assumptions made by Innergex as of the date of this press release, including estimates, forecasts, and opinions of the Corporation. Although Innergex believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information since no assurance can be given that they will prove to be correct. Actual results could differ materially from those currently anticipated due to a number of factors and risks. For additional information with respect to risks and uncertainties, refer to the Annual Information Form of Innergex filed on SEDAR's website at www.sedar.com. The forward-looking information contained herein is made as of the date of this press release and 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.
Marie-Josée Privyk, CFA, SIPC Director - Investor Relations 450-928-2550, ext. 222 email@example.com
SOURCE: INNERGEX RENEWABLE ENERGY INC.
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CO: INNERGEX RENEWABLE ENERGY INC. NI: UTI FIN ECO
-0- Jun/17/2013 21:04 GMT