ANNAPOLIS, Md., Aug. 16, 2017 /PRNewswire/ -- Hannon Armstrong
Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," or the "Company") (NYSE:
HASI) announced today the pricing of its underwritten public
offering of $135 million aggregate
principal amount of its 4.125% convertible senior notes due 2022.
The Company has granted to the underwriters a 30‑day over-allotment
option to purchase up to an additional $15
million aggregate principal amount of the notes. The Company
intends to use the net proceeds from this offering to repay
outstanding borrowings under one or both of its senior secured
revolving credit facility and its recourse credit facility, or for
general corporate purposes. The notes will bear interest at a rate
equal to 4.125% per year, payable semiannually in arrears
on March 1 and September 1 of each year, beginning
on March 1, 2018. The conversion rate will initially equal
36.7107 shares of common stock per $1,000 principal
amount of notes, which is equivalent to a conversion price
of $27.24 per share of common stock, representing a 20%
conversion premium based on the closing price of the Company's
common stock of $22.70 per share on August 16, 2017.
The initial conversion rate is subject to adjustment upon the
occurrence of certain events, but will not be adjusted for any
accrued and unpaid interest. The notes will mature
on September 1, 2022. The offering is expected to close on or
about August 22, 2017, subject to customary closing
conditions.
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Deutsche Bank Securities, BofA Merrill Lynch and J.P. Morgan are
acting as joint book-running managers for the offering. Nomura and
Oppenheimer & Co. are acting as co-managers.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission ("SEC")
and has become effective. The offering will be made by means of a
prospectus supplement and accompanying prospectus. A copy of the
prospectus supplement and accompanying prospectus related to the
offering, when available, can be obtained by contacting
Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, Attention:
Prospectus Group, Email: prospectus.cpdg@db.com; BofA Merrill
Lynch, NC1-004-03-43, 200 North College Street, 3rd
floor, Charlotte NC 28255-0001, Attention: Prospectus
Department, Email: dg.prospectus_requests@baml.com or J.P. Morgan
Securities Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717,
email: prospectus-eq_fi@jpmchase.com,
3rd Floor.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the Company's securities,
nor shall there be any sale of such securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI)
invests in the sustainable infrastructure markets, including energy
efficiency and renewable energy. The Company focuses on providing
preferred or senior level capital to established sponsors and high
credit quality obligors for assets that generate long-term,
recurring and predictable cash flows. The Company is based in
Annapolis, MD.
Forward-Looking Statements
Some of the information in this press release contains
forward-looking statements and within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. When used in this
press release, words such as "believe," "expect," "anticipate,"
"estimate," "plan," "continue," "intend," "should," "may,"
"target," or similar expressions, are intended to identify such
forward-looking statements. Forward-looking statements are subject
to significant risks and uncertainties. Investors are cautioned
against placing undue reliance on such statements. Actual results
may differ materially from those set forth in the forward-looking
statements. Factors that could cause actual results to differ
materially from those described in the forward-looking statements
include those discussed under the caption "Risk Factors" included
in the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 2016, which was
filed with the SEC, as well as in other reports that the Company
files with the SEC.
Forward-looking statements are based on beliefs, assumptions
and expectations as of the date of this press release. The Company
disclaims any obligation to publicly release the results of any
revisions to these forward-looking statements reflecting new
estimates, events or circumstances after the date of this press
release.
Contact: Investor/Media Relations
Phone: 410-571-6189
Email: investors@hannonarmstrong.com
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SOURCE Hannon Armstrong Sustainable Infrastructure Capital,
Inc.