/THIS MEDIA RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES/
LONGUEUIL, QC, June 12, 2018 /CNW Telbec/ - Innergex
Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") has completed today the previously announced bought deal
offering (the "Offering") of convertible unsecured subordinated debentures of Innergex (the "Debentures"). The Corporation issued
an aggregate principal amount of $150 million of Debentures at a price of $1,000 per Debenture, bearing interest at a rate of 4.75% per annum, payable semi-annually on June 30 and December 31 each year, commencing on December
31, 2018.
The Debentures will be convertible at the holder's option into Innergex common shares at a conversion price of $20.00 per share (the "Conversion Price"), representing a conversion rate of 50 common shares per $1,000 principal amount of Debentures. The Debentures will mature at 5:00 PM EDT
on June 30, 2025. They will not be redeemable before June 30, 2021.
On and after June 30, 2021, and before June 30, 2023, Innergex may
redeem the Debentures at par plus accrued and unpaid interest, in certain circumstances. On or after June
30, 2023, Innergex may redeem the Debentures at par plus accrued and unpaid interest.
Innergex has also granted an over-allotment option to the underwriters of the Offering, entitling them to purchase, for a
period of 30 days from the closing of the Offering, up to $22.5 million principal amount of
additional Debentures at the offering price of $1,000 per Debenture, to cover over-allotments, if
any.
The net proceeds of the Offering will be used to reduce drawings under the Corporation's revolving term credit facility, which
will then be available to be drawn, as required, to fund future acquisitions, development projects and for general corporate
purposes.
The Debentures were distributed under a short from prospectus dated June 5, 2018, which is
available on SEDAR at www.sedar.com. The Offering was
underwritten by a syndicate of underwriters led by TD Securities Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., National
Bank Financial Inc., and including RBC Dominion Securities Inc., Desjardins Securities Inc., Canaccord Genuity Corp., Industrial
Alliance Securities Inc. and Raymond James Ltd.
The Debentures will commence trading on the Toronto Stock Exchange today under the symbol INE.DB.B.
The Debentures and the common shares of the Corporation issuable upon conversion, redemption or maturity of the Debentures
have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold to U.S.
persons except pursuant to applicable exemptions from registration.
About Innergex Renewable Energy Inc.
The Corporation develops, acquires, owns and operates run-of-river hydroelectric facilities, wind farms, solar
photovoltaic farms and geothermal power generation plants. As a global player in the renewable energy sector, Innergex conducts
operations in Canada, the United States, France and Iceland. Innergex manages a large portfolio of assets currently
consisting of interests in 64 operating facilities with an aggregate net installed capacity of 1,642 MW (gross 2,886 MW),
including 34 hydroelectric facilities, 25 wind farms, three solar farms and two geothermal facilities. Innergex also holds
interests in two projects under development with a net installed capacity of 355 MW (gross 360 MW) one of which is currently
under construction and prospective projects at different stages of development with an aggregate net capacity totalling 8,180 MW
(gross 8,850 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.
Forward-Looking Information Disclaimer
In order to inform readers of the Corporation's future prospects, this press release contains forward-looking
information within the meaning of applicable securities laws ("Forward-Looking Information"). Forward-Looking Information can
generally be identified by the use of words such as "projected", "potential", "expect", "will", "should", "estimate",
"forecasts", "intends", or other comparable terminology that states that certain events will or will not occur. It represents the
estimates and expectations of the Corporation relating to future results and developments as of the date of this press release.
It includes future-oriented financial information or financial outlook within the meaning of securities laws, such as use of
proceeds of the Offering, to inform readers of the potential financial impact of the Offering. Such information may not be
appropriate for other purposes.
The material risks and uncertainties that may cause actual results and developments to be materially different from current
expressed Forward-Looking Information are referred to in the Corporation's Annual Information Form in the "Risk Factors" section
and include, without limitation: the ability of the Corporation to execute its strategy for building shareholder value; its
ability to raise additional capital and the state of capital markets; liquidity risks related to derivative financial
instruments; variability in hydrology, wind regimes and solar irradiation; delays and cost overruns in the design and
construction of projects; uncertainty surrounding the development of new facilities; variability of installation performance and
related penalties; and the ability to secure new power purchase agreements or to renew existing ones.
Although the Corporation believes that the expectations and assumptions on which Forward-Looking Information is based are
reasonable, readers of this press release are cautioned not to rely unduly on this Forward-Looking Information since no assurance
can be given that they will prove to be correct. 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 of this press release,
unless so required by legislation.
innergex.com
SOURCE Innergex Renewable Energy Inc.
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