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BRIEF-Innergex Renewable Energy Completes $570 Mln Long-Term Financing

Published 2018-12-19, 09:50 a/m
© Reuters.  BRIEF-Innergex Renewable Energy Completes $570 Mln Long-Term Financing
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Dec 19 (Reuters) - Innergex Renewable Energy Inc INE.TO :

* INNERGEX COMPLETES $570 MILLION LONG-TERM FINANCING OF FOUR CARTIER WIND FARMS

* INNERGEX RENEWABLE ENERGY INC - PROCEEDS USED TO REPAY EXISTING $94.1 MILLION PROJECT FINANCING ON THREE WIND FARMS

* INNERGEX RENEWABLE ENERGY INC - PROCEEDS ALSO USED TO REPAY $400 MILLION ONE-YEAR SECURED BRIDGE LOAN OBTAINED ON OCTOBER 24, 2018

* INNERGEX RENEWABLE ENERGY INC - BALANCE OF PROCEEDS OF $69.0 MILLION APPLIED TOWARDS DELEVERAGING CORPORATE CREDIT FACILITIES

* INNERGEX RENEWABLE ENERGY INC - CARTIER CREDIT FACILITY HAS A TERM OF 14 YEARS.

* INNERGEX RENEWABLE ENERGY INC - INNERGEX HAS HEDGED 100% OF INTEREST RATE WITH LENDERS FOR DURATION OF CARTIER CREDIT FACILITY

* INNERGEX RENEWABLE ENERGY INC - ALL-IN INTEREST RATE FOR LOAN IS FIXED AT AROUND 4.33% FOR 14 YEARS.

* INNERGEX RENEWABLE ENERGY - BAIE-DES-SABLES WIND FARM ISN'T INCLUDED TO SECURE CARTIER CREDIT FACILITY AS IT SECURES CORPORATE REVOLVING CREDIT FACILITIES

* INNERGEX RENEWABLE ENERGY - AMENDED, RESTATED ITS CORPORATE FACILITIES TO ADJUST SECURITY PACKAGE AND EXTEND MATURITY DATE FROM DEC 2022 TO DEC 2023

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