Pattern Energy Prices Public Offering At $27.75 A Share
(RTTNews.com) - Pattern Energy Group Inc (PEGI, PEG.TO) Friday priced its underwritten public offering of about 18.36 million Class A common shares at $27.75 per share, for a total of $510 million.
The company is selling about $300 million consisting of 10.8 million shares of Class A common stock and selling shareholder Pattern Energy Group LP (the "Selling Shareholder" or "Pattern Development") is selling about $210 million consisting of 7.55 million shares of Class A common stock.
The underwriters of the offering have the option, exercisable until June 13 to purchase up to an additional $76 million or 2.75 million shares of Class A common stock from the Selling Shareholder.
The offering is scheduled to close on May 14.
The company will use the proceeds of its portion of the offering for working capital and general corporate purposes, including the acquisition of the Panhandle 1 wind power project from Pattern Development and potentially including certain other wind power projects.
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