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Innergex Renewable to sell C$150M of convertible debentures

Innergex Renewable Energy Inc. agreed to sell C$150 million of 4.75% convertible unsecured subordinated debentures due June 30, 2025, at a price of C$1,000 per debenture.

The company will sell the securities on a bought-deal basis to a syndicate of underwriters, led by TD Securities Inc., CIBC Capital Markets, BMO Capital Markets and National Bank Financial Inc. The offering is expected to close by June 12.

Interest on the debentures is payable semiannually on June 30 and Dec. 31 every year, beginning Dec. 31. The debentures will be convertible at the holder's option into Innergex common shares at a conversion price of C$20 apiece.

The company plans to use proceeds to reduce drawings under its revolving term credit facility, which will then be available to be drawn to finance future acquisitions, development projects and for general corporate purposes.

The underwriters have a 30-day option to purchase up to C$22.5 million of additional debentures to cover any overallotments.