Innergex Renewable Energy Inc. completed a C$150 million bought-deal offering of 4.75% convertible unsecured debentures due June 30, 2025.
Underwriters have a 30-day option to purchase up to C$22.5 million of additional debentures to cover any overallotments, according to a June 12 news release.
The company plans to use net proceeds to reduce drawings under its revolving term credit facility, which will then be available to be drawn, as required, to fund future acquisitions and development projects and for general corporate purposes.
Interest is payable semiannually June 30 and Dec. 31 each year, commencing Dec. 31. Holders have the option to convert the debentures into Innergex shares at a conversion price of C$20 per share.
The debentures will commence trading on the Toronto Stock Exchange on June 12 under the symbol INE.DB.B.
The syndicate of underwriters was led by TD Securities Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc. and National Bank Financial Inc. It also included RBC Dominion Securities Inc., Desjardins Securities Inc., Canaccord Genuity Corp., Industrial Alliance Securities Inc. and Raymond James Ltd.
