NEP offers $500M 2.50% convertible notes due 2026; draws $775M revolver for acquisition

XPLR Infrastructure, LP

Offers $500M aggregate principal of 2.50% convertible senior notes due 2026 in private placement to QIBs.
Notes fully and unconditionally guaranteed by NextEra Energy Operating Partners, LP.
Net proceeds to fund $1.08GW renewable portfolio acquisition, repay revolver draw, and pay capped call costs.
$775M drawn under revolving credit facility on Dec 5, 2022 to ensure cash for closing the acquisition.
Capped call transactions expected to reduce potential dilution upon conversion of notes.

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