Clearway Energy Operating LLC, a Subsidiary of Clearway Energy, Inc., Announces Pricing of Upsized Offering of $250 Million of Additional “Green Bond” Senior Notes Due 2028
Rhea-AI Summary
Clearway Energy Operating, a subsidiary of Clearway Energy, has announced an upsized offering of $250 million in additional 4.750% Senior Notes due 2028. The notes will be issued at 102.0% of par and are expected to close on May 21, 2020. The proceeds will be used for refinancing existing debt, including $45 million of convertible notes due in June 2020, and general corporate purposes. The offering is targeted at qualified institutional buyers and is part of Clearway's strategy to finance renewable energy projects.
Positive
- Successful pricing of $250 million in additional Senior Notes at 102.0% of par.
- Proceeds allocated to refinance existing debt and support renewable energy projects.
Negative
- Additional Notes subject to market risks and uncertainties, including impacts from COVID-19.
News Market Reaction – CWEN
In the trading session that priced this news, CWEN gained 1.40%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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PRINCETON, N.J., May 19, 2020 (GLOBE NEWSWIRE) -- Clearway Energy Operating LLC (“Clearway Operating”), a subsidiary of Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) (“Clearway Energy”), has priced its upsized offering of
The Additional Notes are being offered as an additional issue of Clearway Operating’s existing
Clearway Operating intends to allocate an amount equal to the net proceeds from the offering of the notes to finance or refinance, in part or in full, new and existing projects and assets meeting certain renewable energy generation eligibility criteria. Specifically, Clearway Operating intends to use the proceeds of the offering to fund the repayment at maturity, on June 1, 2020, of the
The Additional Notes and related guarantees are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or outside the United States to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The Additional Notes and related guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This notice is issued pursuant to Rule 135c of the Securities Act, and does not constitute an offer to sell any security, including the Additional Notes, nor a solicitation for an offer to purchase any security, including the Additional Notes.
About Clearway Energy, Inc.
Clearway Energy, Inc., is a leading publicly-traded energy infrastructure investor focused on modern, sustainable and long-term contracted assets across North America. Clearway Energy’s environmentally-sound asset portfolio includes over 7,000 megawatts of wind, solar and natural gas-fired power generation facilities, as well as district energy systems. Through this diversified and contracted portfolio, Clearway Energy endeavors to provide its investors with stable and growing dividend income. Clearway Energy’s Class C and Class A common stock are traded on the New York Stock Exchange under the symbols CWEN and CWEN.A, respectively. Clearway Energy, Inc. is sponsored by its controlling investor Global Infrastructure Partners III (GIP), an independent infrastructure fund manager that invests in infrastructure and businesses in both OECD and select emerging market countries, through GIP’s portfolio company, Clearway Energy Group.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as “expect,” “estimate,” “anticipate,” “forecast,” “plan,” “outlook,” “believe” and similar terms.
Although Clearway Energy believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, impacts related to the COVID-19 pandemic, risks and uncertainties related to the capital markets generally, whether Clearway Energy will consummate the offering, the anticipated terms of the Additional Notes and the anticipated use of proceeds.
Clearway Energy undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The foregoing review of factors that could cause Clearway Energy’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect Clearway Energy’s future results included in Clearway Energy’s filings, or the filings of Clearway Energy LLC, with the Securities and Exchange Commission at www.sec.gov. In addition, Clearway Energy makes available free of charge at www.clearwayenergy.com, copies of materials it files with, or furnishes to, the Securities Exchange Commission.
Investors: Akil Marsh, 609-608-1500 investor.relations@clearwayenergy.com Media: Zadie Oleksiw, 202-836-5754 media@clearwayenergy.com