Hannon Armstrong aims to raise $250 million in IPO

April 12, 2013|By Lorraine Mirabella, The Baltimore Sun

An Annapolis-based financier of clean energy infrastructure amended its plans to sell stock to the public, more than doubling its target to $250 million.

Hannon Armstrong Sustainable Infrastructure Capital Inc., which provides debt and equity financing for solar, geothermal and other energy efficiency projects, filed the amendment earlier this month. The company filed plans in Feb. 15 with the Securities and Exchange Commission for a $100 million initial public offering.

The company now plans to offer 13.3 million shares of common stock for $14 to $16 per share. In addition, underwriters have an option to purchase up to 2 million additional shares.

Assuming a price of $15 per share, the company estimates receiving net proceeds of about $182.2 million or about $210 million if underwriters exercise their options, according to SEC documents.

The finance company focuses on infrastructure projects that increase energy efficiency, provide clean energy sources or use natural resources efficiently. Since starting three decades ago, it has provided or arranged more than $3.9 billion of financing for more than 450 transactions.

Hannon Armstrong is now the top provider of financing to the federal government for energy efficiency projects. The government is the nation's largest energy user.

The stock has been approved for listing on the New York Stock Exchange under the symbol HASI, the company said in the SEC filing. Hannon Armstrong said it would convert the business to a real estate investment trust.


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