Pattern Energy gets needed consents to amend 5 7/8% notes due 2024

By Marisa Wong

Los Angeles, April 13 – Pattern Energy Group Inc. said it received consents from holders of a majority of outstanding principal amount of its 5 7/8% senior notes due 2024 as of 5 p.m. ET on April 10, the expiration of its previously announced consent solicitation.

Having obtained the necessary consents, the company has executed a supplemental indenture effecting the proposed amendments approved in the consent solicitation that began on April 6, according to a press release.

The company said it expects to pay on April 14 the consent fee of $2.50 in cash per $1,000 principal amount of notes for which a consent was delivered.

As previously reported, the proposed amendments modify the reporting covenant under the notes to permit Pattern Energy Operations LP, co-obligor of the notes, to provide financial statements and other information to noteholders in lieu of the existing reporting obligations contained in the indenture.

On March 16, Pattern Energy was acquired by an affiliate of Canada Pension Plan Investment Board. As a result of the merger and related reorganizations, Pattern Energy Operations serves as the direct holding company for substantially all of the operating assets of Pattern Energy and its consolidated subsidiaries prior to the merger.

The company had said that if the required consents are received it would make some other voluntary amendments to the indenture for the benefit of holders.

These amendments revise the definition of change of control so that a change of control with respect to Pattern Energy Operations will trigger the obligations of Pattern Energy under the indenture; revise the liens covenant so that Pattern Energy Operations will be subject to that covenant; and revise the events of default provision so that certain clauses also apply to Pattern Energy Operations.

RBC Capital Markets, LLC (877 381-2099) and BMO Capital Markets Corp. (833 418-0762) are the solicitation agents.

Global Bondholder Services Corp. (212 430-3774, https://www.gbsc-usa.com/patternenergy/) is the information and tabulation agent.

Based in San Francisco, Pattern Energy is the majority owner of Pattern Energy Group LP, a privately owned developer and operator of wind, solar, transmission and energy storage projects.

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