in News Departments > FYI
print the content item

Pattern Energy Group Inc. has announced the pricing of its initial public offering (IPO) of 16 million shares of its Class A common stock at $22.00 per share, and it expects to receive net proceeds of approximately $318.6 million.

Earlier this month, Pattern said it expected to raise about $290 million from the IPO, with each share of Class A common stock to be priced between $19.00 and $21.00.

The shares will begin trading on an "if, as and when issued" basis Friday on the NASDAQ Global Market and the Toronto Stock Exchange under the ticker symbol "PEGI" and "PEG," respectively.

In addition, Pattern Energy Group LP (PEG LP), the selling stockholder named in the registration statement and prospectus related to the offering, has granted the underwriters a 30-day option from the offering's closing date to purchase up to an additional 2.4 million Class A shares at the IPO price. The offering is expected to close on Oct. 2, subject to customary closing conditions.

Pattern says it intends to use the IPO’s proceeds to help pay for eight wind assets in the U.S., Canada and Chile, repay the outstanding indebtedness under the company's revolving credit facility, and for working capital and general corporate purposes.

BMO Capital Markets, RBC Capital Markets and Morgan Stanley are acting as joint book-running managers for the offering, BofA Merrill Lynch will act as bookrunner, and CIBC, Scotiabank, Wells Fargo Securities, Canaccord Genuity and Raymond James will act as co-managers for the offering.




Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Canadian Wind Industry Urges For More Federal Support

The Canadian Wind Energy Association says the country's federal government, once a big industry supporter, should again back wind power.


Wind And Solar Helped California Grid During Challenging Summer

According to the California Independent System Operator, the state suffered from heat waves and drought this year, and wind power played a "significant role" in keeping the lights on.


Recapping The Wind Industry's Third-Quarter Deals

Mercom Capital Group recaps investment and merger and acquisition activity during July, August and September.


Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.

Renewable NRG_id1934
Hybrid Energy Innovations 2015
BG 2015DblBox_id2032