Innergex Renewable 5.75% convertibles' maturity extended to 2017

By Jennifer Chiou

New York, March 29 - Innergex Renewable Energy Inc. announced that the maturity date of its C$80.5 million of 5.75% extendible unsecured subordinated convertible debentures was pushed to April 30, 2017 from April 30, 2010.

The extension occurred as a result of the company's strategic combination with Innergex Power Income Fund, under which the fund acquired Innergex Renewable through a reverse takeover.

The C$70 million issue of debentures was priced on Feb. 12 with a C$10.5 million greenshoe. The securities were issued on March 9 and March 16.

Proceeds from the offering are to be used to enhance the combined Innergex's financial flexibility, to reduce existing debt and for general corporate purposes.

Longueil, Quebec-based Innergex is an independent developer and operator of renewable power generating facilities.

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