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Innergex Renewable Energy Inc | Cumulative Rate Reset Preferred Shares, Series A (INE.PRA.CA)
Prospectus excerpt: This short form prospectus qualifies the distribution (the “Offering”) of 3,400,000 Cumulative Rate Reset Preferred Shares, Series A (the “Series A Shares”) of Innergex Renewable Energy Inc. (the “Corporation”) at a price of $25.00 per Series A Share (the “Offering Price”). For the initial five year period from and including the Closing Date (as defined herein) to, but excluding January 15, 2016 (the “Initial Fixed Rate Period”), the holders of Series A Shares will be entitled to receive fixed cumulative preferential cash dividends, as and when declared by the board of directors (the “Board of Directors”) of the Corporation, 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 at an annual rate equal to $1.25 per share. The initial dividend will be payable January 17, 2011 and will be $0.42123 per share, based on the anticipated closing date of September 14, 2010 (the “Closing Date”). See “Details of the Offering”. For each five-year period after the Initial Fixed Rate Period (each a “Subsequent Fixed Rate Period”), the holders of the Series A Shares 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 during the Subsequent Fixed Rate Period, in an annual amount per share determined by multiplying the Annual Fixed Dividend Rate (as defined herein) applicable to such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend Rate for each Subsequent Fixed Rate Period will be equal to the sum of the Government of Canada Yield (as defined herein) on the 30th day prior to the first day of such Subsequent Fixed Rate Period plus 2.79%. See “Details of the Offering”. Full Prospectus PDF », INE.CA Page »
Series: | A | Alternate symbology: | INE-A.CA, INE-PA.CA, INEprA.CA | Redeemable?: | Yes | Call Date: | 1/15/2016 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Conversion Ratio: | Each holder of Series A Shares will have the right, at its option, to convert all or any of its Series A Shares into Cumulative Floating Rate Preferred Shares, Series B (the “Series B Shares”) of the Corporation on the basis of one Series B Share for each Series A Share converted, subject to certain conditions, on January 15, 2016 and on January 15 every five years thereafter. The holders of Series B Shares 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, 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 for a Quarterly Floating Rate Period (as defined herein) will be equal to the sum of the T-Bill Rate (as defined herein) 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. See “Details of the Offering”. | Shares Offered: | 3400000 | Liquidation Preference: | $25 | Recent Market Price: | $12.70 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-12.30 (-49.20%) | Annualized Dividend: | 0.811 | Recent Ex-Date: | 3/27/2024 | Current Yield: | 6.39% | Original Coupon: | 5.00% | Pay Period: | Quarterly | Pay Dates: | 15-Jan, 15-Apr, 15-Jul, 15-Oct | CDx3 Compliance Rating: |
Learn INE.PRA.CA's Rating
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Innergex Renewable Energy is a developer, acquirer, owner and operator of renewable power-generating facilities, essentially focused on the hydroelectric, wind and solar power sectors. Co. produces and sells electricity generated by its hydroelectric, wind and solar facilities to publicly-owned utilities or other creditworthy counterparties. Co. has three operating segments: hydroelectric power generation, wind power generation, and solar power generation. Preferreds: INE.PRA.CA, INE.PRC.CA Open the INE.CA Information Page »
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Name: |
Innergex Renewable Energy Inc |
Website: |
www.innergex.com |
Sector: |
Electric Utilities |
Number of ETFs Holding INE.CA: |
3 (see which ones) |
Total Market Value Held by ETFs: |
$667,518.52 |
Total Market Capitalization: |
$652,000,000 |
% of Market Cap. Held by ETFs: |
0.10% |
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