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Hannon Armstrong to raise USD 350m from green bond issuance

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

June 27 (Renewables Now) - US climate change solutions investor Hannon Armstrong Sustainable Infrastructure Capital Inc (NYSE:HASI) is looking to raise about USD 350 million (EUR 308m) from a private offering of 5.25% senior unsecured notes due 2024 that qualify as green bonds.

The company initially targeted USD 300 million in proceeds but has upsized the offering to the above-mentioned amount, it announced on Wednesday.

Annapolis, Maryland-based Hannon Armstrong intends to use the proceeds from the offering to buy or refinance eligible green projects, including assets that are neutral to negative on incremental carbon emissions.

The company pointed out that before fully spending the funds it will seek to pay back a portion of the outstanding revolving borrowings under two senior secured credit facilities. Any unused funds will be invested in interest-bearing accounts and short-term, interest-bearing securities.

The notes will be issued to qualified institutional buyers by two indirect subsidiaries, namely HAT Holdings I LLC (HAT I) and HAT Holdings II LLC (HAT II), and will be guaranteed by the company, Hannon Armstrong Sustainable Infrastructure LP and Hannon Armstrong Capital LLC. The settlement is seen to occur on or about July 2, 2019.

(USD 1.0 = EUR 0.879)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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