Innergex completes redemption of 5.75% convertible debentures

LONGUEUIL, QC, Aug. 20, 2015 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") has completed today the previously announced redemption of all of its outstanding 5.75% convertible unsecured subordinated debentures that were due to mature on April 30, 2017 (the "5.75% Debentures"), in accordance with the terms of the trust indenture dated March 8, 2010 governing these debentures.

On July 20, 2015, the Corporation issued a redemption notice in respect of the aggregate principal amount of $79,578,000 of the 5.75% Debentures that was outstanding. Of that principal amount, $37,987,000 was converted at the holders' request into 3,566,851 Innergex common shares at a conversion price of $10.65 per share. The remaining $41,591,000 was redeemed today at a price of $1,000 per debenture, plus accrued and unpaid interest up to August 19, 2015 inclusively, and was financed with drawings under the Corporation's revolving term credit facility.

The 5.75% Debentures have been delisted from trading on the TSX.

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 33 operating facilities with an aggregate net installed capacity of 687 MW (gross 1,194 MW), including 26 hydroelectric operating facilities, six wind farms, and one solar photovoltaic farm; (ii) interests in five projects under development or under construction with an aggregate net installed capacity of 208 MW (gross 319 MW), for which power purchase agreements have been secured; and (iii) prospective projects with an aggregate net capacity totaling 3,190 MW (gross 3,330 MW). Innergex Renewable Energy Inc. is rated BBB- by S&P.

The Corporation's strategy for building shareholder value is to develop or acquire high-quality facilities that generate sustainable cash flows and provide an attractive risk-adjusted return on invested capital, and to distribute a stable dividend.

 

SOURCE Innergex Renewable Energy Inc.

For further information: Marie-Josée Privyk, CFA, SIPC, Director - Communications and Sustainable Development, 450-928-2550, ext. 222, mjprivyk@innergex.com, www.innergex.com

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