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 Americas
New York, New York 10105
Attention: US Debt Capital Markets
BNP Paribas Securities Corp.
787 Seventh Avenue
New York, New York 10019
Attention: Syndicate Desk
Wells Fargo Securities, LLC
608 2nd Avenue South
Minneapolis, Minnesota, 55402
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.
Michael A. West, Jr., 203-499-3858
Vice President – Corporate Communications