NextEra Energy Partners has priced $500 million of notes in a private placement to qualified institutional buyers.
The company estimates the net proceeds from the notes offering, prior to offering expenses, will be $498.6 million.
NextEra Energy Partners intends to use the net proceeds from this offering to fund a portion of its previously announced acquisition of a 391-megawatt portfolio of wind projects, as well as to pay the initial cost of capped call transactions. Any proceeds not immediately used for these purposes may temporarily be invested in short-term instruments or used for general partnership purposes.
The offering is expected to close on June 17, subject to customary closing conditions.
NextEra Energy Partners said it will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver cash, common units or a combination of cash and common units. The initial conversion rate represents a 20 percent premium to the
