HA SUSTAINABLE INFRA CAP INC Stock Price, News & Analysis

HA Sustainable Infrastructure Capital (NYSE: HASI) announced the early results and upsizing of its cash tender offer for two series of notes. The company increased the maximum aggregate principal amount from $500 million to $700 million and raised the series cap on the 3.375% Senior Notes due 2026 from $250 million to $400 million.

As of the Early Tender Deadline, $920.3 million in aggregate principal amount of notes were validly tendered. The company will accept $400 million of the 2026 Notes (78.58% proration) and $300 million of the 2027 Notes (73.01% proration). The early settlement date is expected to be June 30, 2025.

HA Sustainable Infrastructure Capital (NYSE: HASI) has priced a $1 billion green senior unsecured notes offering, consisting of $600 million of 6.15% notes due 2031 and $400 million of 6.75% notes due 2034. The company expects net proceeds of approximately $987.3 million after expenses. The funds will be used to finance tender offers for existing notes, temporarily repay revolving credit facility borrowings, and invest in eligible green projects. The notes, guaranteed by several HASI subsidiaries, are expected to settle on June 24, 2025. HASI, with over $14 billion in managed assets, focuses on sustainable infrastructure investments including utility-scale solar, onshore wind, storage, distributed solar and storage, RNG, and energy efficiency.

HA Sustainable Infrastructure Capital (NYSE: HASI) has priced a $1 billion green senior unsecured notes offering, comprising $600 million of 6.15% notes due 2031 and $400 million of 6.75% notes due 2035. The company expects net proceeds of approximately $987.3 million after deducting costs. The funds will be used to finance tender offers for existing notes, temporarily repay credit facility borrowings, and invest in eligible green projects. The notes, guaranteed by several HASI subsidiaries, are expected to settle on June 24, 2025. HASI, with over $14 billion in managed assets, focuses on sustainable infrastructure investments including utility-scale solar, wind, storage, and energy efficiency projects.

HASI announced a cash tender offer to purchase up to $500 million of its outstanding notes, targeting two series: 3.375% Senior Notes due 2026 and 8.00% Green Senior Unsecured Notes due 2027. The tender offer prioritizes the 2026 Notes with a $250 million series cap, followed by the 2027 Notes with no cap. The offer expires on July 14, 2025, with an early tender deadline of June 26, 2025. Holders who tender before the early deadline will receive the Total Tender Offer Consideration, including a $30 per $1,000 Early Tender Premium. The offer is contingent upon HASI receiving sufficient proceeds from a concurrent public offering of senior debt securities. J.P. Morgan Securities and Citigroup Global Markets are serving as Dealer Managers for the tender offer.

HASI (NYSE: HASI) has received an investment grade credit rating upgrade to BBB- from S&P Global Ratings, marking a significant milestone as the company now holds investment grade ratings from all three major rating agencies. S&P upgraded HASI's corporate and issuer credit ratings from BB+ with a stable outlook, joining existing investment grade ratings from Fitch (BBB- since May 2024) and Moody's (Baa3 since June 2022). S&P's upgrade acknowledges HASI's scale, business growth, and asset quality, highlighting their $5.5 billion 12-month pipeline mostly comprising projects under construction. Despite sector challenges including tariffs and potential IRA revisions, S&P expects HASI to maintain profitable yields, noting their focus on stabilized projects with minimal construction risk and their strong 10-year track record in sustainable infrastructure investments.

CarbonCount Holdings 1 LLC (CCH1), a joint venture between HA Sustainable Infrastructure Capital (HASI) and KKR, has announced a $592 million private offering of 20-year fixed-rate senior unsecured notes. The notes were priced at a 6.76% weighted average coupon, with net proceeds of approximately $586 million after expenses. CCH1, formed in May 2024 to invest in clean energy projects across the US, will use the proceeds to invest in new and existing sustainable infrastructure projects. This transaction increases CCH1's investment capacity from $2 billion to $2.6 billion and extends its investment period through November 2026. Morgan Stanley and KKR Capital Markets acted as Joint Lead Placement Agents for the offering.

HASI reported Q1 2025 results with record transaction closures of $700+ million and managed assets increasing 12% YoY to $14.5 billion. The company's recurring income grew 14% YoY to $79 million. GAAP EPS decreased to $0.44 from $0.98 YoY, while Adjusted EPS was $0.64 compared to $0.68. Key highlights include: portfolio investments yielding over 10.5%, revolver capacity increase of $200 million to $1.55 billion, and reaffirmed guidance for 8-10% Adjusted EPS growth through 2027. The company declared a quarterly dividend of $0.42 per share. Their sustainable infrastructure investments are projected to avoid 124,000 metric tons of carbon emissions annually from Q1 transactions.

HA Sustainable Infrastructure Capital (NYSE: HASI), a leading sustainable infrastructure assets investor, has scheduled its first quarter 2025 earnings release for Wednesday, May 7, 2025, after market close. The company will host a conference call at 5:00 p.m. Eastern Time.

Investors can access the call by dialing 1-877-407-0890 (Toll-Free) or +1-201-389-0918 (toll). The call will also be available as a webcast with slides on HASI's website. A replay will be accessible as an on-demand webcast on the company's investor relations portal at investors.hasi.com.

HASI (NYSE: HASI), a leading sustainable infrastructure investor, has announced the appointment of two new board members effective April 15, 2025. Laura A. Schulte and Barry E. Welch will join the board, bringing the total to 12 members, with 10 being independent.

Schulte, with over 30 years of financial services leadership, will serve on the Audit and Compensation Committees. She currently chairs Transportation Alliance Bank's board and has previous executive experience at Wells Fargo and Norwest

Welch, bringing three decades of power and infrastructure industry expertise, will serve on the Audit and Finance and Risk Committees. He currently chairs Onward Energy's board and previously served as CEO of Atlantic Power from 2004 to 2014.