The green exchangeable notes are due 2028

Davis Polk acted as special product counsel to the initial purchasers in connection with a Rule 144A offering by HAT Holdings I LLC and HAT Holdings II LLC, each a subsidiary of Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI), of an aggregate principal amount of $402.5 million of their 3.750% green exchangeable unsecured senior notes due 2028, which included $52.5 million aggregate principal amount of notes issued pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. The notes are guaranteed by HASI and certain of its subsidiaries. Davis Polk also advised the counterparties to capped call transactions entered into by HAT Holdings I LLC and HAT Holdings II LLC in connection with the offering.

Headquartered in Annapolis, Maryland, HASI is one of the first U.S. public companies solely dedicated to investing in climate solutions developed or sponsored by leading companies in the energy efficiency, renewable energy and other sustainable infrastructure markets. Through its subsidiaries, HASI owns a diversified portfolio of project company investments with long-term, predictable cash flows from proven technologies that reduce carbon emissions or increase resilience to climate change.

The Davis Polk equity derivatives team included partner Caitlin L. Wood and associates Danielle Forni, Lindsey B. Meyers-Perez, Kanger Jin, Ji Hwan Kim and Ray Roesler. The tax team included partners Michael Farber and Lucy W. Farr and associate William Liang. All members of the Davis Polk team are based in the New York office.