Pattern Energy Proposes To Offer $350 Mln Senior Notes Due 2024 - Quick Facts

(RTTNews) - Pattern Energy Group Inc. (PEGI, PEG.TO), an independent power company, announced Tuesday that it proposes to offer $350 million aggregate principal amount of senior notes due 2024 to qualified institutional buyers and to certain non-U.S. persons. The offering will be subject to market conditions and other factors.

The Notes will be guaranteed on a senior unsecured basis by Pattern US Finance Company LLC.

Pattern Energy said it intends to use the net proceeds from the Offering to fund, in whole or in part, renewable energy projects, or "green projects,". These include financing of, or investments in, equipment and systems which generate or facilitate the generation of energy from renewable sources, such as solar and wind energy.

The Company intends to use approximately $215 million of the net proceeds to partially fund its acquisition of the Broadview project, and approximately $128 million to repay borrowings under its revolving credit facility used to finance the purchase of the Armow project. Any remaining net proceeds will be used to finance other green projects and to pay related fees, expenses and other costs related thereto.