Pattern Energy announces pricing of public offering
04/02/2015 14:34
Pattern Energy Group Inc. announced the pricing of an underwritten public offering of USD 351 million, or 12,000,000 shares, of its Class A common stock at a public offering price of USD 29.25 per share. The Company is selling USD 204.75 million, or 7,000,000 shares, of Class A common stock and the selling shareholder, Pattern Energy Group LP (the "Selling Shareholder"), is selling USD 146.25 million, or 5,000,000 shares, of Class A common stock. The underwriters of the offering have a 30-day option, exercisable until March 5, 2015, to purchase up to an additional USD 52.65 million, or 1,800,000 shares, of Class A common stock from the Selling Shareholder. The offering is scheduled to close on February 9, 2015, subject to customary closing conditions. The Company will use the net proceeds from its portion of the offering for working capital and general corporate purposes, which may include one or more acquisition opportunities which the Company is considering and the potential repayment of outstanding indebtedness. The Company will not receive any proceeds from the sale of shares by the Selling Shareholder. The offering is being made through an underwriting group led by Morgan Stanley, BofA Merrill Lynch and RBC Capital Markets, as joint book-running managers of the offering and the representatives of the underwriters.
04/02/2015 14:34
Pattern Energy Group Inc. announced the pricing of an underwritten public offering of USD 351 million, or 12,000,000 shares, of its Class A common stock at a public offering price of USD 29.25 per share. The Company is selling USD 204.75 million, or 7,000,000 shares, of Class A common stock and the selling shareholder, Pattern Energy Group LP (the "Selling Shareholder"), is selling USD 146.25 million, or 5,000,000 shares, of Class A common stock. The underwriters of the offering have a 30-day option, exercisable until March 5, 2015, to purchase up to an additional USD 52.65 million, or 1,800,000 shares, of Class A common stock from the Selling Shareholder. The offering is scheduled to close on February 9, 2015, subject to customary closing conditions. The Company will use the net proceeds from its portion of the offering for working capital and general corporate purposes, which may include one or more acquisition opportunities which the Company is considering and the potential repayment of outstanding indebtedness. The Company will not receive any proceeds from the sale of shares by the Selling Shareholder. The offering is being made through an underwriting group led by Morgan Stanley, BofA Merrill Lynch and RBC Capital Markets, as joint book-running managers of the offering and the representatives of the underwriters.
