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Innergex Renewable Energy Inc. 4.65% Convertible Debenture New Issue

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Innergex Renewable Energy Inc(INE). has issued $125M of 4.65% of convertible unsecured subordinated debentures maturing Oct-31-2026. Interest is paid semi-annually on Apr 30 and Oct-31. The conversion price of $22.90 is a 48% premium to the current share price of $15.48.

The debentures are not redeemable prior to Oct-31-2022. After Oct-31-2022 and prior to Oct-31-2024, the debentures may be redeemed providing the common shares are priced at 125% of the redemption price. After Oct-31-2024 and up to the maturity date of Oct-31-2026 the debentures are redeemable at par.

Should there be a takeover offer for more than 50% of the common shares the debentures, the debenture holders can require Innergex to repurchase the convertible debentures at par.

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