TD Bank, Others Increase Innergex Credit Facility by $75 Million
Innergex Renewable Energy Inc. announced that it has exercised a portion of the accordion feature on its revolving term credit facility, increasing its borrowing capacity from $350 million to $425 million. All terms and conditions remain unchanged, including the facility’s August 2016 maturity.
The banking syndicate for the facility includes The Toronto-Dominion Bank as administrative agent and lender, Bank of Montreal as syndication agent and lender, and Canadian Imperial Bank of Commerce, Caisse centrale Desjardins, National Bank of Canada, The Bank of Nova Scotia and Laurentian Bank of Canada, also as lenders.
Michel Letellier, president and CEO of Innergex, stated, “This increase of our credit facility provides us the flexibility to select an appropriate time to access the capital markets in order to finance the recently announced acquisition of the Brown Lake and Miller Creek hydroelectric facilities, which is expected to close by the end of July 2012.”
Innergex Renewable Energy Inc. is a Canadian independent renewable power producer.