AVANGRID Subsidiary Closes Offering Of $500 Million Of 3.25% Notes Due 2026
Avangrid, Inc. (NYSE:AGR) announced today that its indirect wholly-owned subsidiary, New York State Electric & Gas Corporation ("NYSEG"), closed a private offering of $500 million in aggregate principal amount of 3.
Avangrid, Inc. (NYSE:AGR) announced today that its indirect wholly-owned subsidiary, New York State Electric & Gas Corporation ("NYSEG"), closed a private offering of $500 million in aggregate principal amount of 3.25% Notes due 2026 (the "Notes"). The Notes will mature on December 1, 2026 unless redeemed in accordance with their terms prior to such date. NYSEG intends to use the net proceeds from the offering to refinance $100 million in aggregate principal amount of NYSEG's 5.650% Notes due December 15, 2016, to redeem $96,850,000 in aggregate principal amount NYSEG's auction rate pollution control obligations on December 19, 2016, to pay down notes payable to affiliates and for general corporate purposes. The Notes were issued and sold only to qualified institutional buyers in the United States, pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and to non- "U.S. persons" outside the United States in compliance with Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities, nor shall there be any offer, solicitation or sale of the Notes or any other securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.