- Series A shares rate reset dividends reset to 3.244% per
annum
- Series B shares floating rate dividends set to 2.91% per annum
for the first Quarterly Floating Rate Period
LONGUEUIL, QC, Jan. 8, 2021 /CNW Telbec/ - Innergex Renewable
Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") announced
today the applicable dividend rates for its Cumulative Rate Reset
Preferred Shares, Series A ("Series A shares") and Cumulative
Floating Rate Preferred Shares, Series B ("Series B
shares").
With respect to any Series A shares that remain outstanding
after January 15, 2021, commencing as
of such date, the holders thereof will be entitled to receive fixed
cumulative preferential cash dividends, as and when declared by the
Board of Directors, payable quarterly on the 15th day (or, if such
day is not a Business Day, the immediately following Business Day)
of January, April, July and October in each year from and including
January 15, 2021 to, but excluding,
January 15, 2026. The dividend rate
for the five-year period commencing on January 15, 2021 to but
excluding January 15, 2026 will be 3.244% per annum, or
$0.2027 per share per quarter, being
equal to the sum of the Government of Canada Yield (as the term is
defined in the Prospectus referred to below) on December 16,
2020 plus 2.79%.
With respect to any Series B shares that may be issued on
January 15, 2021, the holders thereof
will be entitled to receive floating rate cumulative preferential
cash dividends, as and when declared by the Board of Directors,
payable quarterly on the 15th day (or, if such day is not a
Business Day, the immediately following Business Day) of January,
April, July and October in each year (the "Quarterly Commencement
Date"), in the annual amount per Series B Share determined by
multiplying the applicable Floating Quarterly Dividend Rate (as
defined herein) by $25.00. The
Floating Quarterly Dividend Rate from and including January 15, 2021 to, but excluding, April 15, 2021, and thereafter the period from
and including the day immediately following the end of the
immediately preceding Quarterly Floating Rate Period to, but
excluding, the next succeeding Quarterly Commencement Date (the
"Quarterly Floating Rate Period") will be equal to the sum of the
T-Bill Rate (as the term is defined in the Prospectus referred to
below) plus 2.79% per annum (calculated on the basis of the actual
number of days in the applicable Quarterly Floating Rate Period
divided by 365) determined on the 30th day prior to the first day
of the applicable Quarterly Floating Rate Period. The dividend rate
for the Quarterly Floating Rate Period commencing on
January 15, 2021 to but excluding April 15, 2021 will be
equal to 2.91% per annum, or $0.181875 per share per quarter, as determined in
accordance with the terms of the Series B shares.
The Series A shares and Series B shares have not been and will
not be registered under the United States Securities Act of 1933,
as amended, or any state securities laws. The Series A shares and
the Series B shares may not be offered, sold or delivered, directly
or indirectly, in the United States of
America for the account or benefit of U.S. persons. This
press release does not constitute an offer to sell or a
solicitation of an offer to buy such securities in the United States.
For more information on the terms and risks associated with an
investment in the Series A shares, the Series B shares and the
conversion right of the beneficial owners thereof, please see the
Corporation's prospectus dated September 7,
2010 which is available on sedar.com or on the Corporation's
website at www.innergex.com.
About Innergex Renewable Energy Inc.
For more
than 30 years, Innergex has believed in a world where abundant
renewable energy promotes healthier communities and creates shared
prosperity. As an independent renewable power producer which
develops, acquires, owns and operates hydroelectric facilities,
wind farms, solar farms and energy storage facilities, Innergex is
convinced that generating power from renewable sources will lead
the way to a better world. Innergex conducts operations in
Canada, the United States, France and Chile and manages a large portfolio of
high-quality assets currently consisting of interests in 75
operating facilities with an aggregate net installed capacity of
2,742 MW (gross 3,694 MW) and an energy storage capacity of 150
MWh, including 37 hydroelectric facilities, 32 wind farms and six
solar farms. Innergex also holds interests in 10 projects
under development, four of which are under construction, with a net
installed capacity of 555 MW (gross 629 MW) and an energy
storage capacity of 329 MWh, as well as prospective projects at
different stages of development with an aggregate gross capacity
totaling 6,871 MW. Its approach to building shareholder value is to
generate sustainable cash flows, provide an attractive
risk-adjusted return on invested capital and to distribute a stable
dividend.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
To inform readers of the Corporation's future
prospects, this press release contains forward-looking information
within the meaning of applicable securities laws ("Forward-Looking
Information"), including the Corporation's intention to pay
dividend quarterly, and other statements that are not historical
facts. Forward-Looking Information can generally be identified by
the use of words such as "approximately", "may", "will", "could",
"believes", "expects", "intends", "should", "would", "plans",
"potential", "project", "anticipates", "estimates", "scheduled" or
"forecasts", or other comparable terms that state that certain
events will or will not occur. It represents the projections and
expectations of the Corporation relating to future events or
results as of the date of this press release.
Such information is intended to inform readersof the
Corporation's ability to sustain current dividendsSuch information
may not be appropriate for other purposes.
Forward-looking Information is based on certain key assumptions
made by Innergex, including the intention of the Corporation to
declare dividends. Although Innergex believes that the expectations
and assumptions on which such forward-looking information is based
are reasonable, under the current circumstances, readers are
cautioned not to rely unduly on this forward-looking information as
no assurance can be given that they will prove to be correct. The
forward-looking information contained in this press release is made
as of the date hereof and Innergex does not undertake any
obligation to update or revise any forward-looking information,
whether as a result of events or circumstances occurring after the
date hereof, unless so required by law.
For more information on the risks and uncertainties that may
cause actual results or performance to be materially different from
those expressed, implied or presented by the forward-looking
information or on the principal assumptions used to derive this
information, please refer to the "Forward-Looking Information"
section of the 2019 Annual Report.
SOURCE Innergex Renewable Energy Inc.