Clearway Energy, Inc. Announces Final Tender Results and Conversion of Its Outstanding 3.50% Convertible Senior Notes due 2019 and 3.25% Convertible Senior Notes due 2020
Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) (“Clearway Energy”) today
announced the final results of its tender offer (the “Tender Offer”) to
purchase any and all of its outstanding 3.50% Convertible Senior Notes
due 2019 (the “2019 Notes”) and 3.25% Convertible Senior Notes due 2020
(the “2020 Notes” and, together with the 2019 Notes, the “Notes”).
The terms and conditions of the Tender Offer were described in a
Fundamental Change Notice and Offer to Purchase, dated September 10,
2018, which was delivered to the holders of the Notes on September 10,
2018. The Tender Offer expired at 5:00 P.M., New York City time, on
October 9, 2018 (the “Expiration Date”). An aggregate principal amount
of $108,567,000 of the 2019 Notes and $242,477,000 of the 2020 Notes
were validly tendered on or prior to the Expiration Date and accepted by
Clearway Energy for purchase.
After the expiration of the Tender Offer, $220,384,000 aggregate
principal amount of the 2019 Notes remain outstanding and $44,628,000
aggregate principal amount of the 2020 Notes remain outstanding (in the
case of the 2020 Notes, after giving effect to the 2020 Notes Conversion
(as defined below)). On October 9, 2018, Clearway Energy received a
notice of conversion with respect to $395,000 aggregate principal amount
of the 2020 Notes. Clearway Energy has elected to settle the conversion
of such 2020 Notes (the “2020 Notes Conversion”) in Class C common
stock, par value $0.01 per share (the “Class C Common Stock”). The 2020
Notes Conversion will result in the issuance by Clearway Energy on
October 12, 2018 of 14,363 shares of Class C Common Stock.
About Clearway Energy
Clearway Energy, Inc. is a leading publicly-traded energy infrastructure
investor focused on modern, sustainable and long-term contracted assets
across North America. Clearway Energy’s environmentally-sound asset
portfolio includes over 7,000 megawatts of wind, solar and natural
gas-fired power generation facilities, as well as district energy
systems. Through this diversified and contracted portfolio, Clearway
Energy endeavors to provide its investors with stable and growing
dividend income. Clearway Energy’s Class C and Class A common stock are
traded on the New York Stock Exchange under the symbols CWEN and CWEN.A,
respectively. Clearway Energy, Inc. is sponsored by its controlling
investor, Global Infrastructure Partners (GIP), an independent
infrastructure fund manager that invests in infrastructure and
businesses in both OECD and select emerging market countries, through
GIP’s portfolio company, Clearway Energy Group.
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Copyright Business Wire 2018
Source: Business Wire
(October 10, 2018 - 4:25 PM EDT)
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