HASI Prices Upsized $550M Offering for Green Notes
Hannon Armstrong Sustainable Infrastructure Capital upsized and priced its private offering of $550 million in aggregate principal amount of 8% green senior unsecured notes due 2027 by its indirect subsidiaries – HAT Holdings I LLC and HAT Holdings II LLC.
The company estimates that the net proceeds from the offering will be approximately $543 million. Settlement is expected on December 7. The offering was upsized from the previously announced $500 million in aggregate principal amount.
The issuance is to fund 10 opportunities in the pipeline across Behind-the-Meter, Grid-Connected and Fuels, Transport, and Nature markets, according to the company, and at weighted average anticipated yield of approximately 11%, resulting in mid-teen ROE.
Net proceeds will be used to acquire, invest in or refinance, in whole or in part, new and/or existing eligible green projects and for general corporate purposes.
The Notes and the related guarantees are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933.