PEGI closes $350 million offering of senior notes

Written By: Stratton Report
January 25, 2017


On January 25, Pattern Energy Group Inc. announced that it has closed its offering of $350 million of its 5.875% senior notes due 2024 to qualified institutional buyers. The notes are guaranteed on a senior unsecured basis by Pattern US Finance Company LLC.

Mike Garland, CEO of Pattern Energy remarked:

The bond offering will fund a portion of our Broadview project and repay our revolver, providing us with the flexibility to make accretive acquisitions in a timely manner. The successful offering demonstrates our ability to access capital through multiple avenues as we continue to scale our portfolio.”

PEGI emphasized that it intends to use $215 million of the net proceeds 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 to pay related fees, expenses and other costs.