Pattern Energy Group Prices IPO At $22.00/shr, Above Estimated Range

(RTTNews) - Pattern Energy Group Inc. announced that it has priced its initial public offering of 16.00 million shares of its Class A common stock at US$22.00 per share. In its recent regulatory filings, the company had said it expected the public offering price to be between US$19.00 and US$21.00 per Class A share.

The company plans to dual-list on the NASDAQ, under the symbol PEGI, and the Toronto Stock Exchange, under the symbol PEG.

In addition, Pattern Energy Group LP or "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 offering's closing date to purchase up to an additional 2.40 million Class A Shares at the initial public offering price. The offering is expected to close on October 2, 2013, subject to customary closing conditions.

The company expects to receive net proceeds from the offering of approximately US$318.6 million and intends to use such proceeds as partial consideration for its initial portfolio of wind assets that will be contributed to the Company by PEG LP on or immediately prior to 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.

If the underwriters exercise their option to purchase additional Class A Shares from PEG LP, the company said itwill not receive any proceeds from the sale of such additional shares. Following completion of the offering, PEG LP will hold a 67.9% voting interest in the Company, or 63.2% if the underwriters exercise their option to purchase additional shares in full.