Avangrid prices USD-600m bond

The 208-MW Wind Farm US East. Source: Iberdrola (www.iberdrola.com).

November 17 (Renewables Now) - Avangrid Inc (NYSE:AGR) said on Thursday it has set a coupon of 3.150% on its issue of USD 600 million (EUR 508.8m) of bonds due 2024.

The placement of the notes, which will be direct unsecured and unsubordinated obligations of Avangrid, is expected to be completed on November 21, subject to certain customary closing conditions. The bonds mature on December 1, 2024.

Avangrid, which is part of Spanish utility Iberdrola (BME:IBE), intends to use the raised funds to partly or fully finance or refinance renewable energy projects in the US, which will include onshore and offshore wind and solar parks and projects for transmission and distribution networks for renewable power. More specifically, the US firm expects to use part of the proceeds to refinance the construction of a 208-MW wind park in North Carolina and the acquisition of a 56-MW solar plant in Oregon.

If some of the funds remain unused, they will go for additional renewable energy projects, Iberdrola said.

BBVA Securities Inc, BNP Paribas Securities Corp, Citigroup Global Markets Inc, and Wells Fargo Securities LLC have been mandated as joint bookrunners of the notes placement.

(USD 1.0 = EUR 0.848)

More stories to explore
Share this story
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription