Simpson Thacher, acting as product counsel, recently represented the initial purchasers, led by Barclays and BofA Merrill Lynch, in connection with NextEra Energy Operating Partners, LP’s offering of $550 million aggregate principal amount of 4.25% Senior Notes due 2024 and $550 million aggregate principal amount of 4.5% Senior Notes due 2027. The notes were offered to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.
NextEra Energy Operating Partners intends to use the net proceeds from the offering to repay outstanding indebtedness. Any remaining proceeds are expected to be used for general partnership purposes.
NextEra Energy Partners (NYSE: NEP), the parent of NextEra Energy Operating Partners, is a growth-oriented limited partnership formed by NextEra Energy, Inc. to acquire, manage and own contracted clean energy projects with stable long-term cash flows. Through NextEra Energy Operating Partners, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun.
The Simpson Thacher team included Bill Brentani, Dan Webb, Ryan Coombs and Will Haynes (Capital Markets); Jonathan Cantor and Christopher Murray (Tax); and Andrew Pagliughi (Blue Sky).