Moody’s assigns Pattern notes Ba3

Moody’s Investors Service said it assigned a Ba3 unsecured rating to Pattern Energy Operations LP’s proposed offering of up to $700 million of senior unsecured notes that will be co-issued by Pattern Energy Operations Inc., a special purpose finance vehicle.

Pattern Operations intends to use the proceeds to fund the early redemption of $350 million of senior unsecured notes due in 2024 that were issued by Pattern Energy Group Inc. in 2017. In March, Pattern Operations became co-obligor on these notes. Upon their redemption, Moody’s will withdraw the rating.

Pattern Operations will also repay the $250 million outstanding under a term loan entered by the intermediate holding companies.

Moody’s affirmed the company’s Ba3 corporate family rating, the Ba3 senior unsecured rating on the company’s outstanding notes, and the Ba3-PD probability of default rating. The speculative grade liquidity rating is unchanged at SGL-2. The outlook is positive.

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