Issuer Free Writing Prospectus
Filed pursuant to Rule 433
Registration StatementNo. 333-231251
April 7, 2020
AVANGRID, Inc.
$750,000,000 3.200% Notes Due April 15, 2025
Pricing Term Sheet
Issuer: | AVANGRID, Inc. | |
Issue of Securities: | 3.200% Notes Due 2025 | |
Type: | SEC-Registered | |
Expected Ratings*: | Baa1/BBB/BBB+ (Moody’s/S&P/Fitch) | |
Trade Date: | April 7, 2020 | |
Settlement Date: | April 9, 2020 (T+2) | |
Principal Amount: | $750,000,000 | |
Maturity Date: | April 15, 2025 | |
Benchmark Treasury: | 0.500% due March 31, 2025 | |
Benchmark Treasury Price / Yield: | 100-03+ / 0.478% | |
Spread to Benchmark Treasury: | +275 basis points | |
Yield to Maturity: | 3.228% | |
Coupon: | 3.200% | |
Price to Public: | 99.871% of the Principal Amount | |
Redemption Provisions: | Make-whole call at any time prior to March 15, 2025 (the “Par Call Date”) at the Treasury Rate + 45 basis points (calculated to the Par Call Date).
Callable on or after the Par Call Date at par. | |
Interest Payment Dates: | Semi-annually on April 15 and October 15, beginning on October 15, 2020. | |
CUSIP/ISIN: | 05351W AC7 / US05351WAC73 | |
Joint Book-Running Managers: | BBVA Securities Inc. MUFG Securities Americas Inc. Commerz Markets LLC NatWest Markets Securities Inc. Scotia Capital (USA) Inc. |
*Security ratings are not recommendations to buy, sell or hold securities. The ratings are subject to change or withdrawal at any time by the respective credit rating agencies.
The issuer has filed an automatic shelf registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) on May 6, 2019, which became effective upon filing, relating to the offering to which this communication relates. Before you invest, you should read the registration statement, prospectus, preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the prospectus and accompanying prospectus supplement, when available, may be obtained from BBVA Securities Inc. collect at1-212-728-1500, BNP Paribas Securities Corp. toll-free at1-800-854-5674, BofA Securities, Inc. toll-free at1-800-294-1322 or MUFG Securities Americas Inc. toll-free at1-877-649-6848.