HASI Sees $920M in Notes Tendered

By Hao Liu • Monday, June 30 06:10 • Permanent Link

Hasi (NYSE: HASI) has announced the early results of its tender offer to purchase its outstanding 3.375% senior notes due 2026 and 8.00% green senior unsecured notes due 2027. The company has seen a significant response to the tender offer, with a total of $920,279,000 in aggregate principal amount of the notes being validly tendered and not validly withdrawn as of the early tender deadline.

The breakdown of the tendered principal amounts for each series of notes is as follows: For the 3.375% senior notes due 2026, a total of $509,215,000 principal amount was tendered, exceeding the series cap of $400,000,000, resulting in a proration factor of 78.58%. For the 8.00% green senior unsecured notes due 2027, a total of $411,064,000 principal amount was tendered, with a proration factor of 73.01%.

Due to 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 for the accepted tendered notes is expected to be June 30, 2025.

The financing condition for the tender offer has been satisfied, and the company has increased the maximum aggregate principal amount from $500,000,000 to an amount sufficient to accept up to $700,000,000 aggregate principal amount of the notes. Additionally, the series cap on the 3.375% senior notes due 2026 has been raised from $250,000,000 to $400,000,000.

Holders of notes validly tendered and not validly withdrawn on or before the early tender deadline and accepted for purchase will be eligible to receive the applicable total tender offer consideration, including an early tender premium of $30 per $1,000 principal amount of notes. All payments for notes purchased in connection with the early tender deadline will also 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.

The tender offer is being managed by J.P. Morgan Securities LLC and Citigroup Global Markets Inc., with D.F. King & Co., Inc. serving as the tender agent and information agent.

Today the company's shares have moved -0.4% to a price of $27.66. Check out the company's full 8-K submission here.

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