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Pattern Energy closes senior note offering

Pattern Energy Group Inc. closed its $350 million offering of 5.875% senior notes due Feb. 1, 2024.

The securities, which are guaranteed by Pattern US Finance Co. LLC, were sold to qualified institutional purchasers, according to a Jan. 25 company statement. Interest on the notes is payable semiannually in arrears Feb. 1 and Aug. 1 of each year, starting Aug. 1. The notes have a spread to benchmark Treasury of 358 basis points.

Pattern Energy plans to use to use approximately $215 million in sale proceeds to partly fund its proposed acquisition of Broadview Energy JN and Broadview Energy KW projects in New Mexico. It will use approximately $128 million of the proceeds to repay the borrowings used to purchase the Armow wind power project in Ontario.

Morgan Stanley & Co. LLC, Merrill Lynch Pierce Fenner & Smith Inc., BMO Capital Markets Corp., Citigroup Global Markets Inc. and RBC Capital Markets LLC acted as joint book-running managers.