AVANGRID Announces Pricing of Notes
ORANGE, Connecticut — May 14, 2019 — Today AVANGRID, Inc. (NYSE: AGR), a diversified energy company, announced the pricing of $750 million in aggregate principal amount of its 3.800% notes due June 1, 2029. The offering is expected to close on May 16, 2019, subject to the satisfaction of customary closing conditions. The notes will be direct unsecured and unsubordinated obligations of AVANGRID.
AVANGRID expects to use the net proceeds of the offering to finance and/or refinance, in whole or in part, certain eligible renewable energy projects in the United States, including (i) investment in the construction and development of onshore and offshore wind and photovoltaic and concentrated solar power solar renewable electricity production units and (ii) investment in transmission and distribution networks projects having the purpose of connecting renewable energy sources or reducing greenhouse gas emissions through installation of equipment that will improve system efficiency or energy use management.
Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., MUFG Securities Americas Inc., Wells Fargo Securities, LLC, BBVA Securities Inc., Deutsche Bank Securities Inc., NatWest Markets Securities Inc. and TD Securities (USA) LLC are acting as joint book-running managers of the offering. Credit Agricole Securities (USA) Inc. is the Green Structuring Agent.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction. The offering of the notes will be made under AVANGRID’s effective shelf registration statement, filed with the Securities and Exchange Commission (the “SEC”). The offering of these securities will be made only by means of the prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus related to the offering will be available on the SEC's website at http://www.sec.gov and may be obtained from Citigroup Global Markets Inc. toll-free at 1-800-831-9146, Credit Agricole Securities (USA) Inc. toll-free at 1-866-807-6030, MUFG Securities Americas Inc. toll-free at 1-877-649-6848, or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS:
This press release contains a number of forward-looking statements. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “should,” “would,” “could,” “can,” “expects,” “future,” “predicts,” “believes,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “assumes,” “guides,” “targets,” “forecasts,” “is confident that” and “seeks” or the negative of such terms or other variations on such terms or comparable terminology. Such forward-looking statements include, but are not limited to, statements about our plans, objectives and intentions, outlooks or expectations for earnings, revenues, expenses or other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on business, results of operations or financial condition of the business and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation:
- our future financial performance, anticipated liquidity and capital expenditures;
- actions or inactions of local, state or federal regulatory agencies;
- success in retaining or recruiting our officers, key employees or directors;
- changes in levels or timing of capital expenditures;
- adverse developments in general market, business, economic, labor, regulatory and political conditions;
- fluctuations in weather patterns;
- technological developments;
- the impact of any cyber breaches or other incidents, grid disturbances, acts of war or terrorism or natural disasters;
- the impact of any change to applicable laws and regulations affecting operations, including those relating to environmental and climate change, taxes, price controls, regulatory approval and permitting;
- the implementation of changes in accounting standards; and
- other presently unknown or unforeseen factors.
Additional risks and uncertainties are set forth the prospectus supplement and accompanying prospectus that AVANGRID will file with the SEC in connection with the proposed offering. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this prospectus supplement, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.