Innergex Renewable Energy Inc. has announced that it:
has completed today the previously announced bought deal offering of Cumulative Redeemable Fixed-Rate Preferred Shares Series C (the “Series C Shares”).
The Corporation issued a total of 2,000,000 Series C Shares at a price of $25.00 per share, for aggregate gross proceeds of $50,000,000. The offering was made on a bought deal basis through a syndicate of underwriters co-led by TD Securities Inc., National Bank Financial Inc. and BMO Capital Markets.
The Series C Shares commence trading on the Toronto Stock Exchange today under the symbol INE.PR.C.
The Corporation intends to use the proceeds of the offering to repay a portion of its revolving term credit facility and for general corporate purposes.
The Series C Shares were distributed under a short form prospectus dated December 4, 2012 and details of the distribution are set out in the short form prospectus which is available on SEDAR at www.sedar.com.
INE.PR.C will be tracked by HIMIPref™ and assigned to the Scraps index on credit concerns.
INE.PR.C traded 136,220 shares today in a range of 24.45-76 before closing at 24.46-50, 50×35 – the volume was pretty good considering it’s only a $50-million issue! Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2042-12-11
Maturity Price : 24.10
Evaluated at bid price : 24.46
Bid-YTW : 5.90 %