HASI Upsizes Tender Offer to $700M

By Hao Liu • Sunday, June 29 12:10 • Permanent Link

Hasi Announces Early Results and Upsizing of Cash Tender Offer

Hasi, a leading investor in sustainable infrastructure assets, has announced the early results and upsizing of a cash tender offer for its 3.375% senior notes due 2026 and 8.00% green senior unsecured notes due 2027.

The company has increased the maximum aggregate principal amount from $500,000,000 to $700,000,000, and the series cap on the 3.375% senior notes due 2026 has been raised from $250,000,000 to $400,000,000. According to information provided by D.F. King & Co., Inc., a total of $920,279,000 in aggregate principal amount of the notes were validly tendered and not validly withdrawn as of the early tender deadline.

For the 3.375% senior notes due 2026, $509,215,000 principal amount was tendered, with a proration factor of 78.58%. On the other hand, for the 8.00% green senior unsecured notes due 2027, $411,064,000 principal amount was tendered, with a proration factor of 73.01%.

As a result of the total aggregate principal amount of the notes tendered exceeding the $700,000,000 limit, the company does not expect to accept any further tenders of notes following the early tender deadline.

The early settlement date is expected to be June 30, 2025, and all payments for notes purchased in connection with the early tender deadline will include accrued and unpaid interest on the principal amount of notes tendered and accepted for purchase from the last interest payment date applicable to the relevant series of notes up to, but not including, the early settlement date.

J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the dealer managers for the tender offer, and D.F. King & Co., Inc. is the tender agent and information agent.

Hasi, with more than $14 billion in managed assets, focuses on investments in sustainable infrastructure assets including utility-scale solar, onshore wind, storage, distributed solar and storage, RNG, and energy efficiency. The market has reacted to these announcements by moving the company's shares -0.4% to a price of $27.66. If you want to know more, read the company's complete 8-K report here.

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