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New Issue - Innergex Renewable Energy Inc. 4.75% Convertible Debenture

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Innergex Renewable Energy Inc. is issuing $150M of 4.75% Convertible Debentures maturing Jun-20-2025, convertible at $20 per share compared to the current price of $13.55 representing a 48% premium.

The Debentures are not redeemable prior to Jun-30-2021 (First Call Date). On and after the First Call Date and prior to Jun-30-2023, the Debentures are redeemable at par providing INE common shares are priced at not less than 125% of the $20 per share redemption price. On and after Jun-30-2023, the Debentures are redeemable at any time prior to the maturity date of Jun-30-2025.

Innergex has one series of debentures outstanding prior to this issue. The outstanding issue is priced to yield 4% and is convertible at $15 per share representing an 11%.

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