TransAlta Renewables Announces $150 Million Bought Deal Offering of Common Shares

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CALGARY, Alberta, June 13, 2018 (GLOBE NEWSWIRE) -- TransAlta Renewables Inc. (“TransAlta Renewables” or the “Company”) (TSX:RNW) today announced that it has entered into an agreement with a syndicate of underwriters co-led by CIBC Capital Markets, RBC Capital Markets and Scotiabank, as joint bookrunners, for an offering, on a bought deal basis, of 11,860,000 common shares (“Common Shares”) in the capital of TransAlta Renewables at a price of $12.65 (the “Offering Price”) per share which will result in gross proceeds to TransAlta Renewables of approximately $150 million (the “Offering”).

TransAlta Renewables has also granted the underwriters an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 1,779,000 Common Shares at the Offering Price which, if exercised in full will result in additional gross proceeds to TransAlta Renewables of approximately $22.5 million.  The Over-Allotment Option is exercisable, in whole or in part, by the underwriters at any time within 30 days following closing of the Offering. TransAlta Corporation currently holds approximately 161 million Common Shares and does not intend to purchase any additional Common Shares under the Offering.

The net proceeds of the Offering will be used to partially repay drawn amounts under the Company’s credit facility, which were drawn in order to fund recent acquisitions. The additional liquidity under the credit facility will be used for general corporate purposes, including ongoing construction costs associated with such acquisitions. 

The Common Shares will be offered in all provinces of Canada pursuant to a prospectus supplement to the Company’s short form base shelf prospectus dated July 12, 2017.  Completion of the Offering is subject to, and conditional upon, the approval of the Toronto Stock Exchange and all other required regulatory approvals. The Offering is expected to close on June 22, 2018.  This news release does not constitute an offer to sell or a solicitation of an offer to buy the Common Shares in any jurisdiction. 


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Globe Newswire: 21:15 GMT Wednesday 13th June 2018

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