$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
"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
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
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.
SOURCE: INNERGEX RENEWABLE ENERGY INC.
For further information:
Marie-Josée Privyk, CFA, SIPC
Director - Investor Relations
450-928-2550, ext. 222