Hannon Armstrong Sustainable Infrastructure Capital, Inc. Announces 133% Increase in Dividend to $0.14 per share on Third Quarter Core earnings of $0.14 per share --
Annapolis, MD – November 7, 2013 – Hannon Armstrong Sustainable Infrastructure Capital, Inc. (“Hannon Armstrong” or the “Company;” NYSE: HASI), a leading sustainable infrastructure investor, today reported financial results for the quarter ended September 30, 2013 and announced it will increase its dividend from $0.06 per share to $0.14 per share.
“We are pleased with our latest quarterly results as we continue to execute on our business model of financing sustainable infrastructure projects and delivering strong, risk adjusted returns to shareholders,” said Chief Executive Officer Jeffrey Eckel. “On an annualized basis, our new dividend represents approximately a 4.5% yield based on our current share price and we expect to achieve our targeted 7% yield by the end of the year.”
• Completed over $200 million of transactions in the third quarter
• Approximately 75% of the transactions closed since the IPO represent repeat business from our existing origination relationships
• Diversified pipeline of investment opportunities remains in excess of $2.0 billion
• For the quarter, total revenue net of investment interest expense increased by 67% over Q2 2013
• Core earnings of $0.14 per share, an increase of 100% over the post IPO Q2 2013 period
“Our longstanding relationships with our Global 1000 partners provide a “drop down” platform for continued originations, as evidenced by our repeat business over the quarter. We leverage the broad reach of these industrial and service companies who develop, engineer, build and operate the assets we finance, with the added benefit of being able to independently underwrite each project,” said Mr. Eckel. “The result is repeatable, diversified originations in an energy services market that the US Department of Energy forecasts could double or triple in size by the end of this decade.”
Q3 Dividend and Change to the Dividend Payment Schedule
The Board of Directors of the Company has authorized a quarterly cash dividend of $0.14 per share of common stock, payable on November 22, 2013, to stockholders of record on November 18, 2013. The Board of Directors has reviewed the timing of the dividend payments by various REITs and determined that a change in the quarterly payment schedule was merited. Thus, the Company will announce its dividend in the last month of future quarters. For example in Q4 2013, the Company intends to declare its dividend in December and make payment in January 2014.
Third Quarter 2013 Financial Results
Hannon Armstrong reported third quarter Core earnings of $2.3 million, or $0.14 per share, as compared to Core earnings of $1.1 million, or $0.07 per share, in Q2 2013. As set out in the reconciliation table below, Core earnings represent earnings attributable to the Company, excluding earnings allocated to minority interest holders, non-cash equity based compensation, amortization of intangible assets and non-cash income taxes. Core earnings in the third quarter of 2013 reflect the add-back of $0.5 million of non-cash expenses to earnings attributable to the Company’s shareholders of $1.8 million, or $0.11 per share.
For the quarter, total revenue net of investment interest expense increased by approximately 67% to $4.8 million from $2.9 million in Q2 2013. Included in Q3 investment interest expense was $0.3 million of non-cash amortization of deferred financing costs related to the new credit facility.
For the quarter, GAAP other expenses, net were $2.9 million including $0.5 million for equity-based compensation and intangible amortization charges that are added back for Core earnings. Total GAAP expenses in the second quarter were $8.6 million including $6.2 million for equity based compensation and intangible amortization charges that are added back for Core earnings. Adjusting for both charges, total non-GAAP other expenses, net were flat at $2.4 million for the last two quarters. On the balance sheet, investments rose to $436 million, an increase of $102 million compared to $334 million in the prior quarter and the Company borrowed $84 million under its new credit facility.
“The growth in total revenue, net of investment interest expense and in Core earnings is a reflection of our robust business model and the significant investment opportunities we see in sustainable infrastructure assets,” said Chief Financial Officer Brendan Herron. “Our recourse leverage in the quarter was approximately 0.5 to 1. We expect to see continued growth in net investment revenue as we increase that leverage towards our 2 to 1 target. We also expect to see the benefit of internal management operating leverage as net investment revenue from yielding assets should grow significantly faster than expenses.”
An explanatory note providing additional details on Core earnings and the Company’s predecessor entity, including a reconciliation of the Company’s net income to Core earnings, as well as the condensed consolidated statement of operations and balance sheet of the Company is attached to this press release as an exhibit.
Conference Call and Webcast Information
Hannon Armstrong will host an investor conference call today at 5:00 pm ET. Interested parties are invited to listen to the conference call by dialing 1-877-407-0784, or for international callers, 1-201-689- 8560, and provide the conference ID # 10000611 or ask for the Hannon Armstrong conference call. Replays of the entire call will be available through November 15, 2013 at 1-877-870-5176, or, for international callers, at 1-858-384-5517, conference ID # 10000611. A webcast of the conference call will also be available through the Investor Relations section of the Company's website, www.hannonarmstrong.com. A copy of this press release is also available on the Company’s website.
Forward Looking Statements
Some of the information contained in this press release are forward-looking statements and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," “target,” or similar expressions, are intended to identify such forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption "Risk Factors" included in our prospectus dated April 17, 2013 that was filed with the U.S. Securities and Exchange Commission under SEC Registration number 333-186711, as well as in other reports that we file with the SEC. Those factors include:
• the state of government legislation, regulation and policies that support energy efficiency, renewable energy and sustainable infrastructure projects and that enhance the economic feasibility of energy efficiency, renewable energy and sustainable infrastructure projects and the general market demands for such projects;
• market trends in our industry, energy markets, commodity prices, interest rates, the debt and lending markets or the general economy;
• our business and investment strategy; our relationships with originators, investors, market intermediaries and professional advisers;
• competition from other providers of financing;
• actions and initiatives of the U.S. federal, state and local government and changes to U.S. federal, state and local government policies and the execution and impact of actions, initiatives and policies undertaken by these authorities;
• the state of the U.S. economy generally or in specific geographic regions, states or municipalities; economic trends and economic recoveries;
• our ability to obtain and maintain financing arrangements on favorable terms, including securitizations; general volatility of the securities markets in which we participate; changes in the value of our assets;
• our portfolio of assets; our investment and underwriting process;
• interest rate and maturity mismatches between our assets and any borrowings used to fund such assets;
• changes in interest rates and the market value of our target assets;
• effects of hedging instruments on our assets;
• rates of default or decreased recovery rates on our target assets;
• the degree to which our hedging strategies may or may not protect us from interest rate volatility;
• impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters;
• our ability to qualify, and maintain our qualification, as a REIT for U.S. federal income tax purposes
• our ability to maintain our exception from registration under the Investment Company Act of 1940;
• availability of opportunities to originate energy efficiency, renewable energy and sustainable infrastructure projects;
• availability of qualified personnel;
• estimates relating to our ability to make distributions to our stockholders in the future; and
• our understanding of our competition.
Forward-looking statements are based on estimates as of the date of this press release. We disclaim any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this earnings release.
The risks included here are not exhaustive. Additional factors could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
Hannon Armstrong Sustainable Infrastructure Capital, Inc. to Present at Largest Gathering of Sustainable, Responsible, Impact (SRI) Investors in U.S.
Annapolis, MD (September 23, 2013) -- Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong") (NYSE: HASI), a provider of capital for sustainable infrastructure projects, today announced that President & CEO, Jeff Eckel, will be presenting at the SRI Conference, the leading North American forum for investors and investment professionals involved in Sustainable, Responsible, Impact (SRI) Investing, at The Broadmoor in Colorado Spring, CO on Wednesday, October 30 at 11:30 a.m. MT.
A copy of the presentation will be available in the Investor Relations section of Hannon Armstrong’s website under "Sustainable Yield℠ - October 2013.”
Berkeley Lab Report Finds U.S. Energy Service Companies Experiences Steady Growth Despite Recession
Industry could more than double in size from ~$6 billion in 2013 to $11-$15 billion by 2020
Aggregate revenue growth rates for U.S. energy service companies (ESCOs) significantly outpaced U.S. GDP growth during the three-year period 2009 to 2011, according to a new report by researchers at Lawrence Berkeley National Laboratory (Berkeley Lab).
ESCOs primarily use performance-based contracts to provide energy efficiency, renewable and other energy-related services while guaranteeing that installed equipment, controls and other measures will deliver a specified amount of cost and resource savings to the customer. Private and public sector ESCO customers have relied on performance-based projects for decades to reduce their operating costs and reap significant energy, water, and other savings, using little or no upfront cash. For context, this industry typically saves customers each year: (1) the equivalent amount of energy consumed by nearly 2 million households; (2) more than 20 million tons of greenhouse gas emissions; and (3) more than $4 billion in utility bills.
According to The President’s 2013 Climate Action Plan, performance-based contracts “drive economic development, utilize private sector innovation, and increase efficiency at minimum costs to the taxpayer, while also providing long-term savings in energy costs.” Performance contracting allows customers pay back the capital and financing costs of the efficiency improvements over time, out of the stream of dollar savings generated by performance-based projects, thus reducing the need to use tax dollars, or other appropriated funds to generate these savings. Federal, state, and local policies that remove existing barriers and encourage the future use of performance-based contracts will continue to be vital for industry growth into the future.
The research team analyzed the size of the U.S. ESCO industry by market segment, as well as growth projections and trends. Researchers collected information from thirty-five ESCOs, publicly-available data on ESCO financial performance, and industry experts.
Financing Vehicles, as stated in the Report:
Nineteen ESCOs reported information about project financing in the federal government sector. In aggregate, about 40% of these federal projects used 100% cash, typically in the form ofappropriated funds that were likely allocated as part of the ARRA or military services facility modernization budgets. About 19% of federal projects used leases, most commonly third party financing of capital or operational leases or lease purchase agreements. About 31% of federal projects used other methods of financing, most commonly a type of arrangement unique to the federal sector known as large scale securitization financing for energy assets (Hannon and Armstrong 2013). In this type of arrangement, the ESCO executes two contracts: one with the federal customer to provide guaranteed savings and another with a lender who provides the capital for the project. In this arrangement, a “special purpose entity” carries the liability.
Hannon Armstrong Partners with Johnson Controls to Fund $27 million in Energy Improvements to Louisville City Buildings
Innovative partnership is one of the first in nation for a city government
Annapolis, MD, October 3, 2013 -- Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong") (NYSE: HASI), a leading provider of debt and equity financing for sustainable infrastructure projects, announced that it is providing the underlying funding for nearly $27 million in energy efficiency upgrades to government buildings across the city of Louisville, KY.
The city has signed an agreement with Johnson Controls, a global leader in building efficiency, to make various improvements including lighting upgrades and replacement of outdated, inefficient equipment such as chillers and boilers.
Johnson Controls, working with Hannon Armstrong, will pay for the upfront cost of the upgrades. Louisville Metro Government, in turn, will make payments on the project through a performance contract, in which energy savings from the building improvements are guaranteed to pay for the work over 23 years.
"This is one of the most innovative partnerships between Johnson Controls and a city government in the United States," said Louisville Mayor, Greg Fischer.
“This unique approach is a great deal for taxpayers to make much-needed improvements to our many older buildings,” Fischer said. “In addition, this project will make our city government more sustainable and help us significantly cut carbon emissions.”
According to projections, the project will:
- Reduce yearly carbon emissions by more than 12,000 tons. That’s equivalent to the carbon impact of nearly 26,000 homes;
- Result in $2 million in energy and operational savings year over year -- a savings that will continue once the payments to Johnson Controls are made in full.
Some of the planned improvements include:
- New boilers and power systems for City Hall;
- New chillers and electrical upgrades at the Youth Detention Center, new boilers at Metro Corrections
- New boiler cooling tower at Public Health and Wellness;
- New boilers and condensing units at the Southwest Government Center;
- Numerous electrical and other upgrades at the Louisville Zoo;
- New HVAC system at the Mary T. Meagher Aquatic Center.
“City government could not afford, on its own, to pay for these upgrades,” Fischer said. “This unique public-private partnership shows what happens when people approach old problems with new ideas and new ways of thinking.”
Maryland Clean Energy Center Financing Program Enables $5.4M Deal to Facilitate Energy and Water Conservation Upgrades at the University of Maryland, Baltimore County / Hannon Armstrong Arranges Financing for Deal on Pro Bono Basis
Annapolis, MD (September 23, 2013) -- The Maryland Clean Energy Center (MCEC) today announced it has closed a $5.4 million Maryland Clean Energy Capital (MCAP) deal to fund lighting, irrigation, and energy management system upgrades at the University of Maryland, Baltimore County (UMBC). NORESCO will serve as the energy service company (ESCO), designing and installing the upgrades, and the Maryland Clean Energy Center is the bond issuer financing the debt. The end result will be energy savings and greater efficiency on the UMBC campus.
Jeffrey Eckel, Chairman of the MCEC Board and President & CEO of Hannon Armstrong Sustainable Infrastructure said, “We commend the leaders of UMBC for taking advantage of the new MCAP financing program that was created from the vision of Governor Martin O’Malley, without tax-payer support, and allows MCEC to accelerate otherwise stalled capital projects. Through this program, MCEC can foster savings for Maryland institutions, create jobs, and reduce greenhouse gas emissions.”
“It is a win-win-win program and a remarkable model for public-private partnerships. To date, both Coppin State University and UMBC have taken advantage of MCAP financing program,” said Katherine Magruder, Executive Director of the Maryland Clean Energy Center. “Our tax exempt financing capabilities are available to municipalities, hospitals, and not-for- profit entities as well as schools and universities in Maryland.”
Randy Clark, senior vice president, NORESCO, added, “NORESCO is honored to enter into a contract to help UMBC achieve its energy efficiency and cost reduction goals. We are also proud to be among the first to develop an energy performance contract under MCEC’s unique financing approach whereby the University benefits from important upgrades to its facilities.”
MCEC is a self-financing driver of clean energy, economic development, energy innovation, and clean tech jobs in the State of Maryland. Hannon Armstrong Sustainable Infrastructure (NYSE: HASI), an Annapolis-based energy investor, helped create the MCAP structure and arranged the financing for MCEC on a pro bono basis.
Hannon Armstrong Sustainable Infrastructure Capital, Inc. to Present at Upcoming Conferences
Conferences include Renewable Energy Finance Forum, Bank of America Merrill Lynch 2013 Power & Gas Leaders Conference and SRI Conference on Sustainable, Responsible, Impact Investing
ANNAPOLIS, Md., September 12, 2013 /PRNewswire/ -- Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong") (NYSE: HASI), a leading provider of debt and equity financing for sustainable infrastructure projects, today announced that Jeffrey Eckel, President & Chief Executive Officer, will be presenting at the following conferences:
- Renewable Energy Finance Forum
September 17, 2013 at 11:30am PT.
Four Seasons Hotel, San Francisco, CA.
- Bank of America Merrill Lynch 2013 Power & Gas Leaders Conference
September 24, 2013 at 2:00pm ET.
Westin Hotel Times Square, New York, NY.
- Solar Network Summit 2013
October 9, 2013 at 10:00am ET.
House of Sweden, Washington, DC.
- Association of Climate Change Offices – Climate Strategies Forum
October 15, 2013 at 9:00am ET.
Marriott Wardman Park Hotel, Washington, DC.
- SRI Conference on Sustainable, Responsible, Impact Investing
October 30, 2013 at 11:15am MT.
The Broadmoor, Colorado Springs, CO.
The aforementioned events will not be webcast. Management will also be meeting with individual investors. Hannon Armstronghas posted a presentation to its website under "Investor Relations Presentation - September 2013."
Hannon Armstrong Sustainable Infrastructure Capital, Inc. Announces First Quarterly Dividend of $0.06 per share -- Second Quarter Core earnings of $0.07 per share --
ANNAPOLIS, Md., Aug. 8, 2013 /PRNewswire/ -- Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong" or the "Company;" NYSE: HASI), a leading provider of debt and equity financing for sustainable infrastructure projects, today reported financial results for the quarter ended June 30, 2013 and announced it will pay its first dividend of $0.06 per share.
Hannon Armstrong Sustainable Infrastructure Capital, Inc. Announces Second Quarter 2013 Earnings Release Date and Conference Call
Annapolis, MD., July 31, 2013 — Hannon Armstrong Sustainable Infrastructure Capital, Inc. (“Hannon Armstrong") (NYSE: HASI), a specialty finance company that provides debt and equity financing for sustainable infrastructure projects, today announced that the Company will release its second quarter 2013 results after the market close on Thursday, August 8, 2013, to be followed by a conference call at 5:00 p.m. (Easter Time).
The conference call can be accessed live over the phone by dialing 1-877-407-0784, or for international callers, 1-201-689-8560. A replay will be available two hours after the call and can be accessed by dialing 1-877-870-5176, or for international callers, 1-858-384-5517. The passcode for the live call and the replay is 417804. The replay will be available until August 15, 2013.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.hannonarmstrong.com. The on-line replay will be available for a limited time beginning immediately following the call.
In addition to filing or furnishing required information to the U.S. Securities and Exchange Commission, Hannon Armstrong routinely posts and makes accessible financial and other material company information on its website. To learn more about Hannon Armstrong, please visit the company's website at www.hannonarmstrong.com.
Hannon Armstrong Sustainable Infrastructure Capital, Inc. Announces Closing of Senior Secured Credit Facility
Annapolis, MD., July 23, 2013 — Hannon Armstrong Sustainable Infrastructure Capital, Inc. (“Hannon Armstrong”) (NYSE: HASI), a specialty finance company that provides debt and equity financing for sustainable infrastructure projects, today announced the closing of a senior secured credit facility with Bank of America Merrill Lynch . The credit facility can be used to finance as much as $700 million of projects on a revolving basis. Maximum borrowings at any point of time are $200 million for projects involving U.S. federal, state and local government and institutional obligors and $150 million for clean energy projects such as wind and solar projects.
“We are very pleased to have completed this important transaction. This facility is a key building block in our leverage strategy. In conjunction with the proceeds raised from our IPO in April 2013, this credit facility provides an expanded capacity to hold on-balance sheet transactions and supplements our existing securitization and syndications capabilities. We are continuing to execute transactions according to our plan by putting capital to work for sustainable infrastructure projects including energy efficiency, clean energy and other sustainable infrastructure projects,” stated Jeffrey Eckel, Hannon Armstrong’s CEO.
President & CEO Jeffrey Eckel named to the 2013 Maryland’s Most Admired CEOs List
Baltimore, Md., July 19, 2013 —The Daily Record has named Jeffrey Eckel, President & CEO of Hannon Armstrong Sustainable Infrastructure Capital, Inc., to the 2013 Maryland’s Most Admired CEOs List.
The winners were selected based on several criteria: leadership and vision; competitiveness and innovation; community leadership and service; financial performance and growth; corporate leadership; and board service and nonprofit involvement. In addition, each nominee submitted a letter of recommendation from a current staff member and at least one letter from a nonprofit or other board on which the CEO serves.
Nominees were evaluated based on company size and broken down into six categories: private companies with 150 or more employees; private companies with 51 to 149 employees; private companies with 50 or fewer employees; public companies; nonprofits with more than $10 million in annual revenue; and nonprofits with less than $10 million in annual revenue.
The Daily Record created Maryland’s Most Admired CEOs List in 2012 to recognize business executives who have excelled professionally and who serve their communities.
“This year’s class of The Daily Record’s Maryland’s Most Admired CEOs share numerous leadership traits. Those traits include integrity, values, vision and commitment to excellence as well as service within their communities,” said Suzanne Fischer-Huettner, publisher of The Daily Record. “The honorees know they cannot succeed by themselves and have learned the value of surrounding themselves with great team members.”
A group of nine judges, including eight who received the 2012 Maryland’s Most Admired CEO honor, selected twenty nine winners to the 2013 Maryland’s Most Admired CEOs List. The winners will be honored Sept. 19 at a cocktail reception at the Hilton Baltimore BWI Airport. They will be profiled in a special magazine to be included in the Sept. 20 edition of The Daily Record.
For more information, visit TheDailyRecord.
The Sustainable Infrastructure Income Trust
FORBES — June 28, 2013 – Jeffrey Eckel has an investor relations problem.
No, there has not been any scandal involving fudging the books or sweatshop labor. Rather, most investors simply don’t seem to “get” his company.
His company recently went public as a REIT, or Real Estate Investment Trust, and the traditional REIT investor likes the familiar. They invest for income, and for many, a track record of past income and dividends is a must. While Eckel’s company manages $1.8 billion of securitized energy efficient and sustainable infrastructure assets, it has not been able to invest in such assets itself until the funds from its IPO made that possible.
Eckel’s firm is now in the process of investing those IPO proceeds, and he expects the average investment will yield near 5.5%. Using a 2 to 1 leverage ratio, he plans to ramp that up to 7% of the IPO price ($12.50.) This is well above the yields of most other REITs, but given that there are no other REITs which invest in the same asset class, traditionally conservative REIT investors don’t seem to know what to make of it. The stock is currently trading around $11.50, making that 7% yield an even more attractive 7.6%. Eckel’s predicted yield translates to annual earnings (almost all of which will be distributed to shareholders) of around 88 cents a share. The two analysts who have initiated coverage so far are predicting 2014 earnings of $0.84 and $1.08, which makes sense given that Eckel is probably being a bit conservative about his earnings projections in order not to disappoint Wall Street.
Firm Goes Public With Sustainable Infrastructure
ANNAPOLIS, Md. (AP) — June 25, 2013 – A local company is banking its long-term prosperity on the next wave of publicly financed infrastructure projects.
Hannon Armstrong Sustainable Infrastructure Capital Inc. financed a $22.5 million investment for Puerto Rican solar panels and an energy efficient cooling system at Howard University Hospital in Washington, D.C.
Anne Arundel County’s newest public company profits by financing sustainable infrastructure projects and collecting loan interest. The company estimates those projects will earn a combined $4 million annually for the next 20 years.
The firm went public in April with plans to raise more capital and take on larger projects. Located at the Annapolis Towne Centre in Parole, it has provided nearly $4 billion for the financing of 450 sustainable energy projects around the country since 2000.
“We do financially strong, sound economic projects,” Hannon Armstrong CEO Jeffrey Eckel said. “All of our projects will be either neutral to negative on carbon emissions. We think that a generational defining issue for us is climate change. As a management team and our entire staff has said, `Let’s do some good and make money.”
(Copyright 2013 by The Associated Press. All Rights Reserved.)
Hannon Armstrong Sustainable Infrastructure Capital, Inc. Provides Post IPO Update and Reports Q1 Pre IPO Results
Annapolis, MD – May 23, 2013 – Hannon Armstrong Sustainable Infrastructure Capital, Inc. (“Hannon Armstrong”; NYSE: HASI), a leading specialty finance company that provides debt and equity financing for sustainable infrastructure projects, today reported financial results for its pre-IPO predecessor, Hannon Armstrong Capital, LLC (the “Predecessor”), for the period ended March 31, 2013. These results are prior to the Initial Public Offering (“IPO”) successfully completed on April 23, 2013.
Hannon Armstrong Sustainable Infrastructure Capital, Inc. Announces First Quarter 2013 Earnings Release Date and Conference Call
Annapolis, MD., May 15, 2013 — Hannon Armstrong Sustainable Infrastructure Capital, Inc.(“Hannon Armstrong”) (NYSE: HASI), a specialty finance company that provides debt and equity financing for sustainable infrastructure projects, today announced that the Company will provide a brief post IPO update and release the first quarter 2013 results of its predecessor, Hannon Armstrong Capital, LLC after the market close on Thursday, May 23, 2013, to be followed by a conference call at 5:00 p.m. (Eastern Time).
Hannon Armstrong Sustainable Infrastructure Capital, Inc. Announces Pricing of its Initial Public Offering of Common Stock
ANNAPOLIS, Md. – (PR Newswire) – April 17, 2013 – Hannon Armstrong Sustainable Infrastructure Capital, Inc., announced today the pricing of its initial public offering of 13,333,333 shares of common stock at a price of $12.50 per share. The common stock is expected to begin trading on the New York Stock Exchange on April 18, 2013 under the ticker symbol “HASI.”