Innergex completes redemption of unsecured subordinated debentures
October 08, 2019
100.00 Million CAD
On October 8, 2019, Innergex Renewable Energy Inc. (Innergex) completed the previously announced redemption of the 4.25% convertible unsecured subordinated debentures that were due to mature on August 31, 2020.
Following a September 5 redemption notice from Innergex, the holders of the debentures requested that C$86,652,000 of the principal C$100 million amount be converted into a total of 5,776,795 Innergex common shares at a conversion price of C$15 per share. The remaining C$13,348,000 was redeemed on October 8 at a price of C$1,000 per debenture, plus accrued and unpaid interest.
Innergex is an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and geothermal power generation plants. As a global corporation, Innergex conducts operations in Canada, the United States, France, Chile and Iceland.
McCarthy Tétrault LLP advised Innergex with a team co-led by Philippe Leclerc and Hadrien Montagne that included Isabelle Nazon, Loïc Sanscartier, and Richard O'Doherty.