Pattern Energy Group Inc. says it has closed its initial public offering (IPO) of 16 million shares and walked away with gross proceeds of $352 million. The company's shares started trading on Sept. 27.
Pattern says it intends to use the IPO's proceeds to help pay for eight wind assets in the U.S., Canada and Chile, repay the outstanding indebtedness under the company's revolving credit facility, and for working capital and general corporate purposes.
The offering was made through a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Morgan Stanley as joint book-running managers. BofA Merrill Lynch acted as bookrunner, and CIBC, Scotiabank, Wells Fargo Securities, Canaccord Genuity and Raymond James acted as co-managers for the offering.