Boralex Announces the Redemption of its 4.5% Convertible Unsecured Subordinated Debentures

Press Release

Montréal, Québec, September 24, 2019 – Boralex Inc. (TSX: BLX) (“Boralex” or the “Corporation”) announced today that it has sent a notice to Computershare Trust Company of Canada (“Computershare”), as trustee under the Trust Indenture dated June 22, 2015 between Boralex and Computershare, to the effect that Boralex will redeem in cash, as of October 24, 2019 (the “Redemption Date”), all of its outstanding 4.5% convertible unsecured subordinated debentures that have not been converted as of the Redemption Date.

Upon redemption, Boralex will pay the aggregate principal amount, plus all accrued and unpaid interest thereon to but excluding the Redemption Date. As of the date hereof, the aggregate principal amount of debentures outstanding is approximately $143,687,000. Boralex intends to use cash on hand or available to be drawn under its revolving credit facility to pay the redemption price. The interest upon the principal amount of debentures redeemed will cease to be payable from and after the Redemption Date.

The debentures are listed on the Toronto Stock Exchange (“TSX”) under the symbol “BLX.DB.A”. It is expected that the debentures will be delisted from the TSX on or about the close of trading on the Redemption Date.

The redemption price will be payable upon presentation and surrender of the debentures called for redemption at the following corporate trust office:

Computershare Trust Company of Canada

1500 University Street, 7th Floor

Montréal, Québec, H3A 3S8

Attention: Manager, Corporate Trust

Holders of the debentures have the right to convert their debentures, at their option, into Class A shares of Boralex at a conversion price of $19.5658 per share, representing a conversion rate of 51.1096 shares per $1,000 principal amount of debentures. No action is required to be taken by holders of the debentures if they wish to have their debentures redeemed in cash.

Beneficial holders of debentures should contact their investment dealer to coordinate the surrender or the conversion of their debentures or if they have any questions about the redemption or conversion.

The redemption process as well as the right of holders to convert their debentures into Boralex’s Class A shares are set out in the Trust Indenture dated June 22, 2015, which is available under Boralex’s profile on SEDAR at www.sedar.com.

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About Boralex

Boralex develops, builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States. A leader in the Canadian market and France’s largest independent producer of onshore wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types — wind, hydroelectric, thermal and solar. Boralex has ensured sustained growth by leveraging the expertise and diversification developed for nearly 30 years. Boralex’s shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB.A, respectively. More information is available at www.boralex.com or www.sedar.com.

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Media

Julie Lajoye
Senior Advisor,
Corporate Communications
Boralex Inc.
514-985-1327
Julie.lajoye@boralex.com

Investor Relations
Stéphane Milot
Director, Investor Relations
Boralex Inc.
514-213-1045
stephane.milot@boralex.com

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