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Hannon Armstrong talks $100 million add-on to 5¼% green notes due 2024 at 104.75-105 area
By Cristal Cody
Tupelo, Miss., Sept. 10 – Hannon Armstrong Sustainable Infrastructure Capital Inc. plans to price a $100 million add-on to its 5¼% green eligible senior notes due July 15, 2024 on Tuesday, according to a market source.
Initial price talk was in the 104.75 to 105 area.
The notes (BB+/BB+) are expected to price in the afternoon following investor calls via issuers and indirect subsidiaries HAT Holdings I LLC and HAT Holdings II LLC.
Wells Fargo Securities LLC is the left bookrunner of the Rule 144A and Regulation S transaction. Joint bookrunners are BofA Securities Inc. and J.P. Morgan Securities LLC.
The issue was originally priced in a $350 million Rule 144A and Regulation S for life transaction on June 26 at par to yield a spread of 345 basis points over Treasuries.
The notes are first callable on July 15, 2021 at 102.625.
Proceeds will be used to pay down existing secured borrowings and for general corporate purposes, including new investments in eligible green projects.
Hannon Armstrong is an Annapolis, Md.-based mortgage real estate investment trust.
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