- NextEra Energy Partners (NYSE:NEP) priced $500M in principal amount of its 0% convertible senior notes due 2024 in a private placement; notes will mature on June 15, 2024.
- Offering expected to close on June 17.
- Notes will not bear regular interest, and the principal amount of the notes will not accrete.
- Holders may convert all or a portion of their notes at any time prior to their maturity date in principal amounts equal to $1K or an integral multiple thereof.
- The initial conversion rate represents an ~20% premium to the latest closing price.
- Net proceeds expected to be ~$498.6M which will be used to fund a portion of its earlier announced acquisition of a 391-MW portfolio of wind projects, and to pay the initial cost of the capped call transactions.
- Shares trading 2.4% down premarket