Date Closed

September 30, 2019

Lead Office

Montréal

Value

143.75 Million CAD

On September 30, 2019, Innergex Renewable Energy Inc. completed its previously announced bought deal offering of convertible unsecured subordinated debentures (“Debentures”) for C$125 million. An additional C$18.75 million aggregate principal amount of Debentures were issued on October 2nd, 2019, following the exercise in full of the over-allotment option granted to the underwriters in connection with the offering, bringing the total size of the offering to C$143.75 million. The Debentures were offered at a price of C$1000 per Debenture in each of the provinces of Canada.

The Debentures bear interest at a rate of 4.65% per annum, payable semi-annually on October 31 and April 30 each year, commencing on April 30, 2020. The Debentures will mature on October 31, 2026 and are convertible at the holder's option into Innergex common shares at a conversion price of $22.90 per common share, representing a conversion rate of 43.6681 common shares per $1,000 principal amount of Debentures.

The offering was underwritten by a syndicate of underwriters led by TD Securities Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc. and National Bank Financial Inc.

Innergex Renewable Energy Inc. 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 led by Philippe Leclerc and Hadrien Montagne that included Patrick Boucher, Isabelle Nazon, Loïc Sanscartier, and Richard O'Doherty.