SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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As previously disclosed, Pattern Energy Group Inc., a Delaware corporation (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), dated as of November 3, 2019, with Pacific US Inc., a Delaware corporation (“Parent”), and Pacific Bidco US Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger Sub”). On March 16, 2020, upon the terms and subject to the conditions set forth in the Merger Agreement and in accordance with the applicable provisions of the General Corporation Law of the State of Delaware, Merger Sub merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of Parent (the “Merger”). Parent is an affiliate of Canada Pension Plan Investment Board.
Simultaneously with the Company’s entry into the Merger Agreement, Parent, Riverstone Pattern Energy II Holdings, L.P., Pattern Energy Group Holdings 2 LP (“P2”), Pattern Equity Holdings 2 LLC, certain members of the management team of Pattern Energy Group Holdings 2 LP, certain members of the management team who held unvested equity interests in the Company and a management representative entity, Hou-ou LLC, entered into an agreement (the “Contribution and Exchange Agreement”), pursuant to which at or following the consummation of the Merger, the Company and P2 would be under common ownership (the “P2 Transactions”). The transactions considered by the Contribution and Exchange Agreement were completed on March 31, 2020.
Item 1.01 Entry into a Material Definitive Agreement.
Amendment No. 1 to Securities Purchase and Rights Agreement
In connection with the Merger and the P2 Transactions, on April 1, 2020, the Company, Pattern Energy Group LP, a Delaware limited partnership (“Operations LP”), Pacific PEG Holdings LLC, a Delaware limited liability company (“Pacific”), CBRE Caledon Jupiter II Investments LP, CBRE Caledon Global Infrastructure Fund Holdings I, LP, College of Applied Arts and Technology Pension Plan, CBRE Caledon Trident Infrastructure Investments II LP, Caledon Sirius Investments LP, Toronto Transit Commission Pension Fund Society, CBRE Caledon Nova Investments LP and Caledon Taurus Investments LP (each of the foregoing, collectively, the “Purchasers”) entered into Amendment No. 1 (the “Amendment”) to that certain Securities Purchase and Rights Agreement dated as of October 10, 2019 (as amended, restated, supplemented, or otherwise modified from time to time, the “SPA”). Capitalized terms used in this Item 1.01 and not otherwise defined under this Item 1.01 shall have the meanings assigned to such terms in the SPA.
The Amendment provides for certain adjustments to the SPA in connection with the consummation of the Merger and the P2 Transactions including, among other things, revising the covenants relating to the provision of information rights, consent rights and rights with respect to future issuances of preferred stock so that such covenants apply to Operations LP, which following the completion of the Merger, P2 Transactions and related reorganizations, serves as the direct holding company for substantially all of the operating assets of the Company and its consolidated subsidiaries prior to the Merger and the P2 Transactions.
The Amendment contains customary representations, warranties and covenants of the Company, Operations LP, Pacific and the Purchasers made as of the date of the Amendment.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, to be filed as an exhibit to the Company’s next Quarterly Report on Form 10-Q.
Pursuant to the requirements of the Securities Exchange Act of 1934, Pattern Energy Group Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 1, 2020
|PATTERN ENERGY GROUP INC.|
|By:||/s/ Dyann Blaine|