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Clearway Energy gives results of tender offer for 5¾% notes due 2025
By Taylor Fox
New York, March 9 – Clearway Energy Operating LLC, a subsidiary of Clearway Energy, Inc., received $411,334,000, or 68.6% of notes, under its cash tender offer for any and all $600 million outstanding 5¾% senior notes due 2025, according to a company news release.
The offer expired at 5 p.m. ET on March 8.
$6,925,000 of the notes were tendered subject to guaranteed delivery procedures.
Clearway has accepted all notes tendered prior to the expiration.
As previously reported, Clearway is offering a total consideration of $1,059.58 per $1,000 principal amount. Holders will also receive accrued interest to but excluding the settlement date, which is expected to be March 9.
The company plans to purchase tendered notes using proceeds from an offering of new senior notes, and the tender offer was conditioned on the company raising at least $925 million from the new notes offering. Clearway sold $925 million of notes on March 2 and the notes settle today.
The company said it will redeem any 2025 notes not tendered under the tender offer at 102.875 plus accrued interest to the redemption date. The redemption date is set for March 17.
Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) is the dealer manager for the tender offer. D.F. King & Co., Inc. (866 796-6867 or 212 269-5550, cwen@dfking.com, www.dfking.com/cwen) is the information agent.
Princeton, N.J.-based Clearway invests in energy infrastructure, and its portfolio includes wind, solar and natural gas-fired power generation facilities.
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