By Lisa Kerner
Charlotte, N.C., Oct. 28 – Hannon Armstrong Sustainable Infrastructure Capital, Inc. priced its previously announced offering of 4 million shares of common stock.
The company priced the shares at $13.60 each, according to a company news release.
On Oct. 24, the last reported price of the common stock on the NYSE was $14.25 per share, the preliminary prospectus stated.
Hannon Armstrong granted the underwriters a 30-day option to purchase up to 600,000 additional shares of common stock.
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.
BofA Merrill Lynch, UBS and Wells Fargo Securities are acting as joint book-running managers.
Baird and FBR are acting as co-managers.
As previously reported, 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, to help fund acquisitions and for general corporate purposes.
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.
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.
| Issuer: | Hannon Armstrong Sustainable Infrastructure Capital, Inc.
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| Issue: | Common stock
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| Shares: | 4 million
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| Price: | $13.60 per share
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| Greenshoe: | 30-day option for up to 600,000 additional shares
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| Bookrunners: | Bank of America Merrill Lynch, UBS Securities LLC, Wells Fargo Securities, LLC, joint managers; Robert W. Baird & Co. Inc. and FBR Capital Markets & Co., co-managers
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| Announcement date: | Oct. 27
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