Clearway Energy begins tender offer for 5¾% notes due 2025

By Rebecca Melvin

New York, March 2 – Clearway Energy Operating LLC, a subsidiary of Clearway Energy, Inc., has begun a cash tender offer for any and all of its $600 million outstanding 5¾% senior notes due 2025, according to a company news release.

The offer expires at 5 p.m. ET on March 8.

Clearway is offering a total consideration of $1,059.58 per $1,000 principal amount. Holders will also receive accrued interest to but excluding the settlement date, which is expected to be March 9.

Tenders may be withdrawn at any time before the expiration time.

The company plans to purchase tendered notes using proceeds from an offering of new senior notes, and the tender offer is conditioned on the company raising at least $925 million from the new notes offering.

The company said it will redeem any 2025 notes not tendered under the tender offer at 102.875 plus accrued interest to the redemption date.

Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) is the dealer manager for the tender offer. D.F. King & Co., Inc. (866 796-6867 or 212 269-5550, cwen@dfking.com, www.dfking.com/cwen) is the information agent.

Princeton, N.J.-based Clearway invests in energy infrastructure, and its portfolio includes wind, solar and natural gas-fired power generation facilities.

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