By Paul A. Harris
Portland, Ore., April 15 – Hannon Armstrong Sustainable Infrastructure Capital, Inc. priced a $400 million issue 6% five-year senior notes (BB+/BB+) in a Wednesday drive-by, according to a company press release.
The issue size was increased from $350 million.
Price talk was in the 6¼% area, according to market sources.
Initial talk was in the mid-to-high 6% area.
J.P. Morgan Securities LLC was the lead underwriter.
The notes were priced via HAT Holdings I LLC and HAT Holdings II LLC.
The company asserted in the press release that it believes the offer qualifies as a “green bond” deal, according to the International Capital Market Association’s green bond principles.
The Annapolis, Md.-based renewable power and energy efficiency investor plans to use the proceeds to acquire or refinance eligible green projects. Prior to that investment, the company intends to use the proceeds pay down revolver borrowings under its two senior secured credit facilities, which may be re-borrowed.
| Issuers: | HAT Holdings I LLC and HAT Holdings II LLC
|
| Amount: | $400 million, increased from $350 million
|
| Maturity: | 2025
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 6%
|
| Call protection: | Two years
|
| Trade date: | April 15
|
| Settlement date: | April 21
|
| Ratings: | S&P: BB+
|
| Fitch: BB+
|
| Price talk: | 6¼% area
|
| Marketing: | Drive-by
|
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