Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) (Clearway Energy) today announced the final results of its tender offer (the Tender Offer) to purchase any and all of its outstanding 3.50% Convertible Senior Notes due 2019 (the 2019 Notes) and 3.25% Convertible Senior Notes due 2020 (the 2020 Notes and, together with the 2019 Notes, the Notes).
The terms and conditions of the Tender Offer were described in a Fundamental Change Notice and Offer to Purchase, dated September 10, 2018, which was delivered to the holders of the Notes on September 10, 2018. The Tender Offer expired at 5:00 P.M., New York City time, on October 9, 2018 (the Expiration Date). An aggregate principal amount of $108,567,000 of the 2019 Notes and $242,477,000 of the 2020 Notes were validly tendered on or prior to the Expiration Date and accepted by Clearway Energy for purchase.
After the expiration of the Tender Offer, $220,384,000 aggregate principal amount of the 2019 Notes remain outstanding and $44,628,000 aggregate principal amount of the 2020 Notes remain outstanding (in the case of the 2020 Notes, after giving effect to the 2020 Notes Conversion (as defined below)). On October 9, 2018, Clearway Energy received a notice of conversion with respect to $395,000 aggregate principal amount of the 2020 Notes. Clearway Energy has elected to settle the conversion of such 2020 Notes (the 2020 Notes Conversion) in Class C common stock, par value $0.01 per share (the Class C Common Stock). The 2020 Notes Conversion will result in the issuance by Clearway Energy on October 12, 2018 of 14,363 shares of Class C Common Stock.
About Clearway Energy
Clearway Energy, Inc. is a leading publicly-traded energy infrastructure investor focused on modern, sustainable and long-term contracted assets across North America. Clearway Energys environmentally-sound asset portfolio includes over 7,000 megawatts of wind, solar and natural gas-fired power generation facilities, as well as district energy systems. Through this diversified and contracted portfolio, Clearway Energy endeavors to provide its investors with stable and growing dividend income. Clearway Energys Class C and Class A common stock are traded on the New York Stock Exchange under the symbols CWEN and CWEN.A, respectively. Clearway Energy, Inc. is sponsored by its controlling investor, Global Infrastructure Partners (GIP), an independent infrastructure fund manager that invests in infrastructure and businesses in both OECD and select emerging market countries, through GIPs portfolio company, Clearway Energy Group.
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