Pattern Energy plans to raise $239m in gross proceeds through a share sale to fund potential acquisitions and repay debt.
The US wind developer said it has entered an agreement to sell 10m of its common shares, on a bought deal basis, at a $23.90 each.
Net proceeds will be used to fund potential acquisitions opportunities from Pattern Energy Group – also known as Pattern Development – repayment of the company’s revolving credit facilities as well as general corporate purposes.
The offering will be made through a syndicate of underwriters led by RBC Capital Markets, BMO Capital Markets and Morgan Stanley.
They have an option to buy up to 1.5m additional shares to cover any over-allotments that could take the total raised to as much as $274.9m.
The sale is expected to close on 12 August.
Image: Pattern Energy
