Pattern yieldco prices $350 million private placement of senior notes

Written By: Stratton Report
January 20, 2017


On January 20, Pattern Energy Group Inc. announced the pricing of its $350 million offering of 5.875% senior notes due 2024 to qualified institutional buyers pursuant to Rule 144A. The notes will be guaranteed on a senior unsecured basis by Pattern US Finance Company LLC.

Pattern plans to close the offering on January 25, 2017.

PEGI emphasized that it intends to use approximately $215 million to partially fund its acquisition of the Broadview project, approximately $128 million to repay borrowings under its revolving credit facility used to finance the purchase of the Armow project, and any remaining net proceeds to finance other green projects and to pay related fees, expenses and other costs.

The notes are being offered only to qualified institutional buyers in reliance on Rule 144A or to certain non-U.S. persons in accordance with Regulation S under the Securities Act.

Pattern Energy Group Inc. is listed on The NASDAQ Global Select Market and Toronto Stock Exchange and claims a portfolio of 18 wind power facilities, including one it has agreed to acquire, with a total owned interest of 2,644-MWs in the United States, Canada and Chile.