Atlantica Closes $115M Green Exchangeable Notes
August 3, 2020 – Atlantica Sustainable Infrastructure (“Atlantica”, NASDAQ: AY), the sustainable infrastructure company that owns a diversified portfolio of contracted assets in the energy and environment sectors, successfully closed an unsecured $115 million aggregate principal amount Green Exchangeable Notes.
Atlantica previously announced the closing of the initial $100 million in Green Exchange Notes on July 17, 2020 and subsequently closed an additional $15 million on July 29, 2020 pursuant to an over-allotment option granted to the initial purchasers. The new green financing matures in 2025 and bears interest at a rate of 4.00% per annum, payable semiannually in arrears. The initial exchange price is $34.36 per ordinary share. The notes and related guarantee were offered to only qualified institutional investors pursuant to Rule 144A under the Securities Act of 1933.
Atlantica expects to use the proceeds to finance its accretive growth opportunities in accordance with its Green Finance Framework requirements available on its website (www.atlantica.com). The issuance was made with the support of a Second Party Opinion delivered by Sustainalytics, also published on Atlantica’s website.
This is the third green financing closed by Atlantica in 2020. In April, the Company closed a non-recourse green project finance that resulted in net proceeds for Atlantica of approximately $143 million. Additionally, in the second quarter of 2020, the Company closed a Green Private Placement of approximately $320 million (€290 million1). These Green Senior Secured Notes denominated in Euros have a 6-year tenor and bear interest at a rate of 1.96% per annum.
“This new green transaction increases the funds available to pursue new investments in sustainable growth. We have become a very active player in green financing by leveraging our ESG strengths.” said Santiago Seage, Atlantica’s CEO.
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release including, without limitation, those regarding the use of proceeds of the offering. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "is likely to," "may," "plan," "potential," "predict," "projected," "should" or "will" or the negative of such terms or other similar expressions or terminology. Except as required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Investors should read the section entitled "Item 3D. Key Information—Risk Factors" and the description of our segments and business sectors in the section entitled "Item 4B. Information on the Company—Business Overview", each in our annual report for the fiscal year ended December 31, 2019 filed on Form 20-F, as well as “Item 1.A—“Risk Factors” in our Quarterly Report for the six-month period ended June 30, 2020 furnished on Form 6-K on the date hereof and “Item 3.D—Risk Factors”.
Atlantica Sustainable Infrastructure plc is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, efficient natural gas, electric transmission and water assets in North & South America, and certain markets in EMEA (www.atlantica.com).
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1 EUR/USD exchange rate of 1.10 used to convert the EUR 290 million 2020 Green Private Placement