Hannon Armstrong widens talk on $200 million 0% green exchangeable bonds due 2025 to yield 3.25%

By Abigail W. Adams

Portland, Me., April 7 – Hannon Armstrong Sustainable Infrastructure Capital Inc. widened talk on its planned offering of $200 million of 0% green exchangeable bonds due 2025 to a redemption price at maturity of 110.15 for an accretion rate of 3.25% and an initial conversion premium of 30% to 32.5%, according to a market source.

Initial price talk was for a redemption price at maturity of 107.1 to 108.7 for a yield of 2.25% to 2.75% and an initial conversion premium of 35% to 40%.

Morgan Stanley & Co. LLC and Oppenheimer& Co. Inc. are bookrunners for the Rule 144A offering, which carries a greenshoe of $30 million.

The notes are non-callable for life.

The notes will be settled in shares upon an exchange with cash paid in lieu of fractional shares.

Proceeds will be used to refinance new or existing eligible green projects.

Hannon Armstrong is an Annapolis, Md.-based climate solutions investor.

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