Pattern Energy Group Inc. has announced the pricing of its initial public offering (IPO) of 16 million shares of its Class A common stock at $22.00 per share, and it expects to receive net proceeds of approximately $318.6 million.
Earlier this month, Pattern said it expected to raise about $290 million from the IPO, with each share of Class A common stock to be priced between $19.00 and $21.00.
The shares will begin trading on an ‘if, as and when issued’ basis Friday on the NASDAQ Global Market and the Toronto Stock Exchange under the ticker symbol ‘PEGI’ and ‘PEG,’ respectively.
In addition, Pattern Energy Group LP (PEG LP), the selling stockholder named in the registration statement and prospectus related to the offering, has granted the underwriters a 30-day option from the offering's closing date to purchase up to an additional 2.4 million Class A shares at the IPO price. The offering is expected to close on Oct. 2, subject to customary closing conditions.
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.
BMO Capital Markets, RBC Capital Markets and Morgan Stanley are acting as joint book-running managers for the offering, BofA Merrill Lynch will act as bookrunner, and CIBC, Scotiabank, Wells Fargo Securities, Canaccord Genuity and Raymond James will act as co-managers for the offering.