2023-08-08 09:10:53 ET
- Hannon Armstrong Sustainable Infrastructure ( NYSE: HASI ) said Tuesday it priced its private offering of $350M of 3.75% green exchangeable senior unsecured notes due 2028 by its indirect subsidiaries.
- Initial buyers of the notes have been given an option to buy up to $52.5M of additional notes.
- Settlement of the notes is expected to occur on August 11.
- Hannon ( HASI ) expects to use $32.9M of cash on hand to enter into privately negotiated capped call transactions, which are expected to cover the same number of shares that will initially underlie the notes.
- It also intends to use ~$76.3M of the net proceeds from the note offering to repurchase for cash certain of its 0% convertible senior notes due 2023.
- The notes will accrue interest at a rate of 3.75% per year, payable semi-annually in arrears on February 15 and August 15 of each year, starting on February 15, 2024 until the maturity date, unless the notes are earlier repurchased, redeemed or exchanged.
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Hannon Armstrong prices $350M private note offering