Hannon Armstrong plans to sell 4 million common shares to repay debt, fund acquisitions

By Lisa Kerner

Charlotte, N.C., Oct. 27 – Hannon Armstrong Sustainable Infrastructure Capital, Inc. plans to offer 4 million shares of its common stock, plus an additional 600,000 shares that may be issued and sold through the underwriters’ over-allotment option.

On Oct. 24, the last reported sales price the common stock on the NYSE was $14.25 per share, the preliminary prospectus stated.

Proceeds will be used to repay outstanding borrowings under the PF loan agreement portion of the company’s existing credit facility with Bank of America, NA, help fund acquisitions and for general corporate purposes, according to a filing with the Securities and Exchange Commission.

The scheduled termination date of the PF loan agreement is July 19, 2018. Loans under the agreement bear interest at a rate equal to Libor plus 250 bps or, under certain circumstances, the Federal Funds Rate plus 250 bps.

Underwriters include Merrill Lynch, Pierce, Fenner & Smith Inc.; UBS Securities LLC; Wells Fargo Securities, LLC; Robert W. Baird & Co. Inc.; and FBR Capital Markets & Co.

The Annapolis, Md.-based specialty finance company provides debt and equity financing for sustainable infrastructure projects that increase energy efficiency, provide cleaner energy sources, positively impact the environment or make a more efficient use of natural resources.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.