AVANGRID Announces Pricing of Notes
November 16 2017 - 5:18PM
Business Wire
Today AVANGRID, Inc. (NYSE:AGR), a diversified energy company,
announced the pricing of $600 million in aggregate principal amount
of its 3.150% notes due December 1, 2024. The notes will be direct
unsecured and unsubordinated obligations of AVANGRID. The offering
is expected to close on November 21, 2017, subject to the
satisfaction of customary closing conditions.
AVANGRID expects to use the net proceeds of the offering to
finance and/or refinance, in whole or in part, renewable energy
projects in the United States, including investment in (i) the
construction and development of onshore and offshore wind and solar
power projects and (ii) transmission and distribution networks
projects that connect renewable energy sources or reducing
greenhouse gas emissions. Specifically, it is expected that the net
proceeds from the offering will be used to reimburse AVANGRID for
expenditures made to (i) construct a 208 MW wind farm in North
Carolina that was placed in service between December 2016 and
February 2017, and (ii) purchase a 56 MW solar farm in Oregon that
was placed in service in October 2017. To the extent the net
proceeds exceed the expenditures on these projects, the remaining
net proceeds will be used to finance and/or refinance additional
renewable energy projects selected by AVANGRID’s green financing
committee.
BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup
Global Markets Inc., and Wells Fargo Securities, LLC are acting as
joint book-running managers of the offering. BBVA Securities Inc.
is the Green Structuring Agent. Copies of the prospectus and
prospectus supplement relating to the notes offered in this
offering may be obtained from:
BBVA Securities Inc.1345 Avenue of the Americas44th FloorNew
York, New York 10105Attention: US Debt Capital MarketsTelephone:
1-212-728-1705
BNP Paribas Securities Corp.787 Seventh AvenueNew York, New York
10019Attention: Syndicate DeskTelephone: 1-800-854-5674
Citigroup Global Markets Inc.c/o Broadridge Financial
Solutions1155 Long Island AvenueEdgewood, New York 11717Telephone:
1-800-831-9146Email: prospectus@citi.com
Wells Fargo Securities, LLC608 2nd Avenue SouthSuite
1000Minneapolis, Minnesota, 55402Telephone: 1-800-645-3751
A shelf registration statement relating to the securities in
this offering has been filed with the Securities and Exchange
Commission (SEC) and has become effective. This press release does
not constitute an offer to sell or the solicitation of an offer to
buy any securities in any jurisdiction to any person to whom it is
unlawful to make an offer, solicitation or sale in such
jurisdiction. The offering of these securities will be made only by
means of the prospectus supplement and accompanying prospectus.
About AVANGRID: Avangrid, Inc. (NYSE: AGR) is a
diversified energy and utility company with operations in 27 U.S.
states. The company owns regulated utilities and electricity
generation assets through two primary lines of business: Avangrid
Networks and Avangrid Renewables. Avangrid Networks is comprised of
eight electric and natural gas utilities, serving approximately 3.2
million customers in New York and New England. Avangrid Renewables
operates 6.6 gigawatts of electricity capacity, primarily through
wind power, across the United States.
Forward Looking Statements: This press release contains a
number of forward-looking statements. Forward-looking statements
may be identified by the use of forward-looking terms such as
“may,” “will,” “should,” “can,” “expects,” “future,” “would,”
“could,” “predicts,” “believes,” “anticipates,” “intends,” “plans,”
“estimates,” “projects,” “assumes,” “guides,” “targets,”
“forecasts,” “is confident that” and “seeks” or the negative of
such terms or other variations on such terms or comparable
terminology. Such forward-looking statements include, but are not
limited to, statements about our plans, objectives and intentions,
outlooks or expectations for earnings, revenues, expenses or other
future financial or business performance, strategies or
expectations, or the impact of legal or regulatory matters on
business, results of operations or financial condition of the
business and other statements that are not historical facts. Such
statements are based upon the current beliefs and expectations of
our management and are subject to significant risks and
uncertainties that could cause actual outcomes and results to
differ materially. Important factors that could cause actual
results to differ materially from those indicated by such
forward-looking statements include, without limitation: our future
financial performance, anticipated liquidity and capital
expenditures; actions or inactions of local, state or federal
regulatory agencies; success in retaining or recruiting, our
officers, key employees or directors; changes in levels or timing
of capital expenditures; adverse developments in general market,
business, economic, labor, regulatory and political conditions;
fluctuations in weather patterns; technological developments; the
impact of any cyber-breaches, grid disturbances, acts of war or
terrorism or natural disasters; the impact of any change to
applicable laws and regulations affecting operations, including
those relating to environmental and climate change, taxes, price
controls, regulatory approvals and permitting; and other presently
unknown or unforeseen factors.
Additional risks and uncertainties are set forth under the “Risk
Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2016 and our Quarterly Report on Form 10-Q for the
nine months ended September 30, 2017, which are on file with the
SEC. Should one or more of these risks or uncertainties
materialize, or should any of the underlying assumptions prove
incorrect, actual results may vary in material respects from those
expressed or implied by these forward-looking statements. You
should not place undue reliance on these forward-looking
statements. We do not undertake any obligation to update or revise
any forward-looking statements to reflect events or circumstances
after the date of this press release, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
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version on businesswire.com: http://www.businesswire.com/news/home/20171116006504/en/
AVANGRID, Inc.Michael A. West, Jr., 203-499-3858Vice President –
Corporate CommunicationsMichael.West@avangrid.com
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