Clearway Energy subsidiary Clearway Energy Operating has issued a $925m green bond to finance or refinance new and existing projects and assets meeting certain renewable energy generation eligibility criteria.
The 3.750% senior notes are due in 2031 will be senior unsecured obligations of Clearway Operating guaranteed by Clearway Energy.
They will mature on 15 February 2031 and the offering is expected to close on 9 March, 2021, subject to customary conditions.
Specifically, Clearway Operating intends to use the proceeds of the offering to repurchase any and all of the $600m outstanding aggregate principal amount of its 5.750% senior notes due.
It will also use the proceeds to pay fees and expenses related to the offering of the new notes and the repurchase of the 2025 notes, repay outstanding borrowings under Clearway Operating’s revolving credit facility and for general corporate purposes.