Pattern Energy Group Closes $352 Mln IPO - Quick Facts

(RTTNews) - Pattern Energy Group Inc. (PEGI, PEG.TO) announced the closing of its initial public offering of 16.00 million shares of its Class A common stock at a price of US$22.00 per share resulting in gross proceeds of US$352.0 million.

The company stated that it intends to use the net proceeds of approximately US$318.6 million from the offering as partial consideration for its initial portfolio of wind assets that will be contributed to the Company by Pattern Energy Group LP or "PEG LP" in connection with the completion of the offering, to repay the outstanding indebtedness under the Company's revolving credit facility and the remainder for working capital and general corporate purposes.

The Class A Shares are listed on the NASDAQ Global Market and the Toronto Stock Exchange under the ticker symbol "PEGI" and "PEG", respectively.

In addition, PEG LP, the selling stockholder named in the registration statement and prospectus related to the offering, has granted the underwriters a 30-day option from the date hereof to purchase up to an additional 2.40 million Class A Shares at the initial public offering price. If the underwriters exercise their option to purchase these additional Class A Shares from PEG LP, the Company will not receive any proceeds from the sale of such additional shares.