Home / Businesswire / AVANGRID Announces Pricing of Notes

AVANGRID Announces Pricing of Notes

(NYSE:AGR), a diversified energy company, announced the pricing
of $600 million in aggregate principal amount of its 3.150% notes due
December 1, 2024. The notes will be direct unsecured and unsubordinated
obligations of AVANGRID. The offering is expected to close on November
21, 2017, subject to the satisfaction of customary closing conditions.

AVANGRID expects to use the net proceeds of the offering to finance
and/or refinance, in whole or in part, renewable energy projects in the
United States, including investment in (i) the construction and
development of onshore and offshore wind and solar power projects and
(ii) transmission and distribution networks projects that connect
renewable energy sources or reducing greenhouse gas emissions.
Specifically, it is expected that the net proceeds from the offering
will be used to reimburse AVANGRID for expenditures made to (i)
construct a 208 MW wind farm in North Carolina that was placed in
service between December 2016 and February 2017, and (ii) purchase a 56
MW solar farm in Oregon that was placed in service in October 2017. To
the extent the net proceeds exceed the expenditures on these projects,
the remaining net proceeds will be used to finance and/or refinance
additional renewable energy projects selected by AVANGRID’s green
financing committee.

BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global
Markets Inc., and Wells Fargo Securities, LLC are acting as joint
book-running managers of the offering. BBVA Securities Inc. is the Green
Structuring Agent. Copies of the prospectus and prospectus supplement
relating to the notes offered in this offering may be obtained from:

BBVA Securities Inc.
1345 Avenue of the Americas
44th Floor
York, New York 10105
Attention: US Debt Capital Markets

BNP Paribas Securities Corp.
787 Seventh Avenue
New York, New
York 10019
Attention: Syndicate Desk
Telephone: 1-800-854-5674

Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
Long Island Avenue
Edgewood, New York 11717
Email: [email protected]

Wells Fargo Securities, LLC
608 2nd Avenue South
Suite 1000
Minnesota, 55402
Telephone: 1-800-645-3751

A shelf registration statement relating to the securities in this
offering has been filed with the Securities and Exchange Commission
(SEC) and has become effective. This press release does not constitute
an offer to sell or the solicitation of an offer to buy any securities
in any jurisdiction to any person to whom it is unlawful to make an
offer, solicitation or sale in such jurisdiction. The offering of these
securities will be made only by means of the prospectus supplement and
accompanying prospectus.

About AVANGRID: Avangrid, Inc. (NYSE: AGR) is a diversified
energy and utility company with operations in 27 U.S. states. The
company owns regulated utilities and electricity generation assets
through two primary lines of business: Avangrid Networks and Avangrid
Renewables. Avangrid Networks is comprised of eight electric and natural
gas utilities, serving approximately 3.2 million customers in New York
and New England. Avangrid Renewables operates 6.6 gigawatts of
electricity capacity, primarily through wind power, across the United

Forward Looking Statements: This press release contains a number
of forward-looking statements. Forward-looking statements may be
identified by the use of forward-looking terms such as “may,” “will,”
“should,” “can,” “expects,” “future,” “would,” “could,” “predicts,”
“believes,” “anticipates,” “intends,” “plans,” “estimates,” “projects,”
“assumes,” “guides,” “targets,” “forecasts,” “is confident that” and
“seeks” or the negative of such terms or other variations on such terms
or comparable terminology. Such forward-looking statements include, but
are not limited to, statements about our plans, objectives and
intentions, outlooks or expectations for earnings, revenues, expenses or
other future financial or business performance, strategies or
expectations, or the impact of legal or regulatory matters on business,
results of operations or financial condition of the business and other
statements that are not historical facts. Such statements are based upon
the current beliefs and expectations of our management and are subject
to significant risks and uncertainties that could cause actual outcomes
and results to differ materially. Important factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements include, without limitation: our future
financial performance, anticipated liquidity and capital expenditures;
actions or inactions of local, state or federal regulatory agencies;
success in retaining or recruiting, our officers, key employees or
directors; changes in levels or timing of capital expenditures; adverse
developments in general market, business, economic, labor, regulatory
and political conditions; fluctuations in weather patterns;
technological developments; the impact of any cyber-breaches, grid
disturbances, acts of war or terrorism or natural disasters; the impact
of any change to applicable laws and regulations affecting operations,
including those relating to environmental and climate change, taxes,
price controls, regulatory approvals and permitting; and other presently
unknown or unforeseen factors.

Additional risks and uncertainties are set forth under the “Risk
Factors” in our Annual Report on Form 10-K for the year ended December
31, 2016 and our Quarterly Report on Form 10-Q for the nine months ended
September 30, 2017, which are on file with the SEC. Should one or more
of these risks or uncertainties materialize, or should any of the
underlying assumptions prove incorrect, actual results may vary in
material respects from those expressed or implied by these
forward-looking statements. You should not place undue reliance on these
forward-looking statements. We do not undertake any obligation to update
or revise any forward-looking statements to reflect events or
circumstances after the date of this press release, whether as a result
of new information, future events or otherwise, except as may be
required under applicable securities laws.


Michael A. West, Jr., 203-499-3858
President – Corporate Communications
[email protected]