/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
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 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
188 MW (gross 263 MW), for which power purchase agreements have been
secured; and (iii) prospective projects with an aggregate net capacity
totaling 2,904 MW (gross 3,127 MW). 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
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
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
SOURCE: INNERGEX RENEWABLE ENERGY INC.
For further information:
Jean Trudel, MBA
Chief Investment Officer and
Senior Vice-President - Communications
450-928-2550, ext. 252
Marie-Josée Privyk, CFA
Director - Investor Relations
450-928-2550, ext. 222