PrefBlog

Innergex Renewable Energy Inc. has announced:

the closing of the previously announced offering of Cumulative Rate Reset Preferred Shares, Series A (the “Series A Preferred Shares”). The Corporation issued a total of 3,400,000 Series A Preferred Shares at $25 per share for aggregate gross proceeds of $85 million. The offering was made on a bought deal basis through a syndicate of underwriters led by BMO Capital Markets and TD Securities Inc.

The Series A Preferred Shares commence trading on the Toronto Stock Exchange today under the symbol INE.PR.A.

The Corporation intends to use the net proceeds of the offering to enhance its financial flexibility, to reduce indebtedness and for general corporate purposes.

Innergex Renewable Energy Inc. is a leading developer, owner and operator of run-of-river hydroelectric facilities and wind energy projects in North America. Innergex’s management team has been involved in the renewable power industry since 1990. Innergex owns a portfolio of projects which consists of: i) interests in 17 operating facilities with an aggregate net installed capacity of 326 MW; ii) interests in 7 projects under development with an aggregate net installed capacity of 203 MW for which power purchase agreements have been secured; and iii) prospective projects of more than 2,000 MW (net).

The issue traded 574,215 shares in a range of 24.96-18 before closing at 25.10-13.

Vital statistics are:

INE.PR.A is tracked by HIMIPref™, but is relegated to the Scraps index on credit concerns.

Update, 2011-03-23: This is a 5.00%+279 FixedReset as previously announced.

This entry was posted on Tuesday, September 14th, 2010 at 11:09 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.