Avangrid’s $600 Million Notes Offering


Hunton & Williams LLP advised the underwriters in the sale of $600,000,000 aggregate principal amount of 3.150% Notes Due 2024 of Avangrid, Inc.

BBVA, BNP PARIBAS, Citigroup,Wells Fargo Securities, Deutsche Bank Securities, Drexel Hamilton, The Williams Capital Group, L.P. acted as Joint Book-Running Managers.

In addition to being Avangrid’s inaugural debt offering, the notes issued were also green bonds. An amount equal to the net proceeds of the offering will be used by Avangrid to finance and/or refinance, in whole or in part, one or more projects meeting certain eligibility criteria in the United States, including (i) investment in the construction and development of onshore and offshore wind and photovoltaic and concentrated solar power solar renewable electricity production units and (ii) investment in transmission and distribution networks projects having the purpose of connecting renewable energy sources or reducing greenhouse gas emissions through installation of equipment that will improve system efficiency or energy use management.

Avangrid is a diversified energy and utility company with approximately $32 billion in assets as of September 30, 2017 and operations in 27 states. Avangrid operates regulated utilities and electricity generation through two primary lines of business: Avangrid Networks, Inc. (“Networks”) and Avangrid Renewables, LLC (“Renewables”). Networks is comprised of eight electric and natural gas utilities, serving approximately 3.2 million customers in New York and New England as of September 30, 2017. Renewables operates 6.6 gigawatts of electricity capacity, primarily through wind power, with presence in 22 states across the United States. Avangrid was formed by a merger between Iberdrola USA, Inc. and UIL Holdings Corporation in 2015.

The Hunton & Williams team included Pete O’Brien (Picture), Christina Kwon, Patrick Jamieson and Paloma Luz. Cary Tolley and Anna Page provided tax advice.

Involved fees earner: Peter O’Brien – Hunton & Williams LLP; Christina Kwon – Hunton & Williams LLP; Patrick Jamieson – Hunton & Williams LLP; Cary Tolley – Hunton & Williams LLP; Anna Knecht Page – Hunton & Williams LLP;

Law Firms: Hunton & Williams LLP;

Clients: BNP Paribas; Citigroup Inc.; Deutsche Bank Securities; Banco Bilbao Vizcaya Argentaria (Bbva); Wells Fargo; The Williams Capital Group; Drexel Hamilton;