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Provider: Wright Reports

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Pattern Energy Group Inc Announces Exercise In Full Of USD52.8 Million Overallotment Option To Initial Public Offering

Friday, 4 Oct 2013 08:12pm EDT 

Pattern Energy Group Inc announced the underwriters have exercised in full their overallotment option to purchase 2,400,000 shares of Class A common stock of the Company (Class A Shares) from Pattern Energy Group LP (PEG LP), the selling stockholder, pursuant to the overallotment option granted by PEG LP in connection with the previously announced initial public offering of Class A Shares of the Company, which closed on October 2, 2013. The additional Class A Shares will be offered to the public at a price of USD22.00 per share. The exercise in full of the over-allotment option will result in gross proceeds of USD52.8 million, none of which will be received by the Company. The closing of the overallotment option is expected to occur on October 8, 2013. As a result of the exercise of the overallotment option, PEG LP, the selling stockholder named in the registration statement and prospectus related to the offering, will hold an aggregate 63.2% voting interest in the Company through the ownership of 47.5% of the Company's outstanding Class A Shares and 99.1% of the Company's outstanding shares of Class B common stock. The Class A Shares are listed on the NASDAQ Global Market and the Toronto Stock Exchange under the ticker symbol "PEGI" and "PEG", respectively. The initial public offering was made through a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Morgan Stanley as joint book-running managers. 

Company Quote

-0.14 -0.46%
24 Apr 2015