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Hannon Armstrong (HASI) Completes $100,000,000 Asset-Backed Securitization Of 2.79% Sustainable Yield Bonds™

ANNAPOLIS, Md., Dec 23, 2013 /PRNewswire/ -- Hannon Armstrong Sustainable Infrastructure Capital, Inc. (" Hannon Armstrong", "HASI" or the "Company;" NYSE: HASI) today announced the sale of $100,000,000 of its first series of asset-backed Sustainable Yield Bonds (HASI SYBs).

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"HASI continues to find new ways to finance sustainable infrastructure and we are delighted to have closed this fixed-rate transaction as part of our strategy to manage our interest rate exposure," said President and CEO Jeffrey Eckel. The transaction securitizes the cash flows generated by over 100 individual wind, solar and energy efficiency installations, all with investment grade obligors.

"This issuance represents an innovation in sustainable finance, as investors in these and future HASI SYB bonds benefit from a quantitative assessment of the greenhouse gas impact of each Series of HASI SYBs, measured in metric tons per $1,000 of par value," continued Eckel.  "For example, the assets underlying Series 2013-1 are estimated to reduce annual greenhouse gas emissions by 0.61 metric tons per $1,000 bond."

"While not all 'green bonds' have a direct GHG impact, this rigorous attempt to estimate the GHG impact per bond is a welcome financial tool in the critical task of reducing greenhouse gas emissions," said Sean Kidney, CEO of Climate Bonds Initiative, a not-for-profit working to mobilize capital markets to finance climate change solutions.

  HASI SYB 2013-1 Highlights

  • $100,000,000 private placement
  • 2.79% coupon
  • December 2019 maturity, secured by approximately $110 million of on-balance sheet assets
  • Over 100 individual infrastructure installations, in over 20 properties
  • Annual estimated reduction in greenhouse gas emissions of 61,036 metric tons or 0.61 metric tons per $1,000 of bond value
  • In total the equivalent of taking approximately 12,700 cars off the road

"We expedited this transaction due to strong investor demand and favorable market conditions.  This is also an important step toward the advancement of our plan to eventually issue publicly rated and traded debt and thus facilitate additional investment opportunities to invest in multiple layers of the capital stack supporting sustainable infrastructure," said Eckel.

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