Market Overview

AVANGRID Announces Pricing of Notes


Today AVANGRID, Inc. (NYSE:AGR), a diversified energy company, announced
the pricing of $750 million in aggregate principal amount of its 3.800%
notes due June 1, 2029. The offering is expected to close on May 16,
2019, subject to the satisfaction of customary closing conditions. The
notes will be direct unsecured and unsubordinated obligations of

AVANGRID expects to use the net proceeds of the offering to finance
and/or refinance, in whole or in part, certain eligible renewable energy
projects in the United States, including (i) investment in the
construction and development of onshore and offshore wind and
photovoltaic and concentrated solar power solar renewable electricity
production units and (ii) investment in transmission and distribution
networks projects having the purpose of connecting renewable energy
sources or reducing greenhouse gas emissions through installation of
equipment that will improve system efficiency or energy use management.

Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc.,
MUFG Securities Americas Inc., Wells Fargo Securities, LLC, BBVA
Securities Inc., Deutsche Bank Securities Inc., NatWest Markets
Securities Inc. and TD Securities (USA) LLC are acting as joint
book-running managers of the offering. Credit Agricole Securities (USA)
Inc. is the Green Structuring Agent.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in any jurisdiction to
any person to whom it is unlawful to make an offer, solicitation or sale
in such jurisdiction. The offering of the notes will be made under
AVANGRID's effective shelf registration statement, filed with the
Securities and Exchange Commission (the "SEC"). The offering of these
securities will be made only by means of the prospectus supplement and
accompanying prospectus. Copies of the prospectus supplement and
accompanying prospectus related to the offering will be available on the
SEC's website at
and may be obtained from Citigroup Global Markets Inc. toll-free at
1-800-831-9146, Credit Agricole Securities (USA) Inc. toll-free at
1-866-807-6030, MUFG Securities Americas Inc. toll-free at
1-877-649-6848, or Wells Fargo Securities, LLC toll-free at

About AVANGRID: AVANGRID, Inc. (NYSE:AGR) is a leading,
sustainable energy company with operations in 24 U.S. states. AVANGRID
has two primary lines of business: Avangrid Networks and Avangrid
Renewables. Avangrid Networks owns eight electric and natural gas
utilities, serving 3.2 million customers in New York and New England.
Avangrid Renewables owns and operates 7.2 gigawatts of electricity
capacity, primarily through wind power, with a presence in 22 states
across the United States. AVANGRID employs approximately 6,500 people.


This press release contains a number of forward-looking statements.
Forward-looking statements may be identified by the use of
forward-looking terms such as "may," "will," "should," "would," "could,"
"can," "expects," "future," "predicts," "believes," "anticipates,"
"intends," "plans," "estimates," "projects," "assumes," "guides,"
"targets," "forecasts," "is confident that" and "seeks" or the negative
of such terms or other variations on such terms or comparable
terminology. Such forward-looking statements include, but are not
limited to, statements about our plans, objectives and intentions,
outlooks or expectations for earnings, revenues, expenses or other
future financial or business performance, strategies or expectations, or
the impact of legal or regulatory matters on business, results of
operations or financial condition of the business and other statements
that are not historical facts. Such statements are based upon the
current beliefs and expectations of our management and are subject to
significant risks and uncertainties that could cause actual outcomes and
results to differ materially. Important factors that could cause actual
results to differ materially from those indicated by such
forward-looking statements include, without limitation:

  • our future financial performance, anticipated liquidity and capital
  • actions or inactions of local, state or federal regulatory agencies;
  • success in retaining or recruiting our officers, key employees or
  • changes in levels or timing of capital expenditures;
  • adverse developments in general market, business, economic, labor,
    regulatory and political conditions;
  • fluctuations in weather patterns;
  • technological developments;
  • the impact of any cyber breaches or other incidents, grid
    disturbances, acts of war or terrorism or natural disasters;
  • the impact of any change to applicable laws and regulations affecting
    operations, including those relating to environmental and climate
    change, taxes, price controls, regulatory approval and permitting;
  • the implementation of changes in accounting standards; and
  • other presently unknown or unforeseen factors.

Additional risks and uncertainties are set forth the prospectus
supplement and accompanying prospectus that AVANGRID will file with the
SEC in connection with the proposed offering. Should one or more of
these risks or uncertainties materialize, or should any of the
underlying assumptions prove incorrect, actual results may vary in
material respects from those expressed or implied by these
forward-looking statements. You should not place undue reliance on these
forward-looking statements. We do not undertake any obligation to update
or revise any forward-looking statements to reflect events or
circumstances after the date of this prospectus supplement, whether as a
result of new information, future events or otherwise, except as may be
required under applicable securities laws.

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