AVANGRID Subsidiary Closes Offering of $500 Million of 3.25% Notes Due 2026
November 29 2016 - 3:10PM
Business Wire
Avangrid, Inc. (NYSE:AGR) announced today that its indirect
wholly-owned subsidiary, New York State Electric & Gas
Corporation (“NYSEG”), closed a private offering of $500 million in
aggregate principal amount of 3.25% Notes due 2026 (the “Notes”).
The Notes will mature on December 1, 2026 unless redeemed in
accordance with their terms prior to such date.
NYSEG intends to use the net proceeds from the offering to
refinance $100 million in aggregate principal amount of NYSEG’s
5.650% Notes due December 15, 2016, to redeem $96,850,000 in
aggregate principal amount NYSEG’s auction rate pollution control
obligations on December 19, 2016, to pay down notes payable to
affiliates and for general corporate purposes.
The Notes were issued and sold only to qualified institutional
buyers in the United States, pursuant to Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”) and to
non- “U.S. persons” outside the United States in compliance with
Regulation S under the Securities Act. The Notes have not been
registered under the Securities Act or the securities laws of any
other jurisdiction and may not be offered or sold in the United
States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities
Act.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes or any other securities,
nor shall there be any offer, solicitation or sale of the Notes or
any other securities in any state or other jurisdiction in which
such an offer, solicitation or sale would be unlawful.
About Avangrid, Inc.
Avangrid, Inc. (NYSE: AGR) is a diversified energy and utility
company with more than $30 billion in assets and operations in 25
states. The company operates regulated utilities and electricity
generation through two primary lines of business. Avangrid Networks
includes eight electric and natural gas utilities, serving more
than 3.0 million customers in New York and New England. Avangrid
Renewables operates 6.3 gigawatts of electricity capacity,
primarily through wind power, in states across the United States.
AVANGRID employs approximately 7,000 people. The company was formed
through a merger between Iberdrola USA, Inc. and UIL Holdings
Corporation in 2015. Iberdrola S.A. (Madrid: IBE), a worldwide
leader in the energy industry, owns 81.5% of AVANGRID. For more
information, visit www.avangrid.com.
Forward Looking Statement
Certain statements included or incorporated by reference in this
press release constitute “forward looking statements” as defined in
the Private Securities Litigation Reform Act of 1995. These
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
projected. Whenever used in this press release, the words “may,”
“will,” “can,” “plan,” “intend,” “estimate,” “expect,” “believe,”
“anticipate,” or similar expressions are intended to identify such
forward looking statements. In the past actual results have varied
materially and unpredictably from expectations. The Company
cautions readers not to place undue reliance on these forward
looking statements, which speak only as to the date of this press
release. The Company undertakes no obligation to republish revised
forward looking statements to reflect new information, future
events or otherwise. New factors emerge from time to time and it is
not possible for management to predict all such factors, nor can it
assess the impact of any such factor on the business or the extent
to which any factor, or combination of factors, may cause results
to differ materially from those contained in any forward looking
statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20161129006148/en/
Avangrid, Inc.Analysts:Patricia Cosgel,
203-499-2624orMedia:Michael West Jr., 203-499-3858
Avangrid (NYSE:AGR)
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