The developer provided little financial detail on the move, noting the banks reduced the interest rate by 100 basis points to “to reflect current market pricing.”
The transaction involved 10 lenders, including two new financial institutions, which Pattern did not name. Expenses related to the re-pricing will be realized over the life of the loan.
"The re-pricing will result in significant cost savings over the life of the loan," says Pattern Energy chief executive Mike Garland.
