Business Context and Reporting Period
Company: Hannon Armstrong Sustainable Infrastructure Capital, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: January 12, 2024
Event: Issuance of additional green senior unsecured notes.
Key Financial Metrics
This filing reports a specific capital raising event rather than periodic financial performance metrics (e.g., revenue, net income, or operating cash flow). The filing text does not provide a clear value for these operational metrics.
| Metric | Value |
|---|---|
| Principal Amount Issued | $200,000,000 |
| Security Type | 8.00% Green Senior Unsecured Notes due 2027 |
| Issue Price | 102.75% of principal |
| Yield to Maturity | 7.08% |
| Yield to Worst | 7.02% |
Material Changes
The Company, through its indirect subsidiaries HAT Holdings I LLC and HAT Holdings II LLC, issued an additional $200 million aggregate principal amount of notes. These notes form part of the same series as existing 8.00% green senior unsecured notes due 2027 established under an indenture dated December 7, 2023. The offering was conducted as a private placement to qualified institutional buyers and non-U.S. persons.
Guidance, Outlook, and Use of Proceeds
Use of Proceeds: The Company intends to allocate net proceeds to acquire, invest in, or refinance new and/or existing eligible green projects. This may include projects with disbursements made in the twelve months preceding the issue date or those to be made following the issue date.
Interim Liquidity Management: Prior to full investment, net proceeds will be used to temporarily repay a portion of outstanding borrowings under the Company's unsecured revolving credit facility. Any remaining proceeds not used for this temporary repayment will be invested in interest-bearing accounts and short-term, interest-bearing securities.
Outlook: Identified investment opportunities are consistent with the Company's normal course investment profile.
Investor Verification Checklist
- Verify the total outstanding principal of the 8.00% green senior unsecured notes due 2027 after this issuance.
- Confirm the specific eligible green projects targeted for investment with the net proceeds.
- Review the terms of the unsecured revolving credit facility to understand the impact of the temporary repayment.
- Check the December 7, 2023 Form 8-K for the full terms of the Indenture governing these notes.