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Wind turbines. Source: Avangrid Renewables (www.avangridrenewables.us)
May 15 (Renewables Now) - Avangrid Inc (NYSE:AGR) on Tuesday priced a USD-750-million (EUR 670m) notes offering, looking to secure funds for the financing and refinancing of renewable energy projects in the US.
The diversified energy company is issuing 3.800% notes due June 1, 2029, described as direct unsecured and unsubordinated obligations of Avangrid. The transaction is expected to close on May 16.
Avangrid said in a statement that it plans to use net proceeds raised through the offering to invest in the development and construction of onshore and offshore wind farms, photovoltaic (PV) and concentrated solar power (CSP) plants, as well as in transmission and distribution networks.
The joint book-running managers of the offering are Citigroup Global Markets Inc, Credit Agricole Securities (USA) Inc, MUFG Securities Americas Inc, Wells Fargo Securities LLC, BBVA Securities Inc, Deutsche Bank Securities Inc, NatWest Markets Securities Inc and TD Securities (USA) LLC. Credit Agricole Securities alone actis as the green structuring agent.
(USD 1.0 = EUR 0.893)
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