Avangrid, Inc. (NYSE:AGR) Files An 8-K Entry into a Material Definitive Agreement

Item1.01

Uncommitted Line of Credit

On December15, 2016, Avangrid, Inc. (the Corporation) entered
into an Offer for a U.S. $50,000,000 Uncommitted Line of Credit
for Standby Letters of Credit (the Agreement) with Crdit Agricole
Corporate and Investment Bank (Crdit Agricole), to which the
Corporation may request Crdit Agricole to issue standby financial
and performance letters of credit for general corporate purposes.

Subject to the terms thereof, amounts outstanding under the
letters of credit must be repaid by the Corporation no later than
(i)the date that is twelve (12) months after the date of issuance
of a financial letter of credit and (ii)the date that is five
(5)years after the date of issuance of a performance letter of
credit. The aggregate amount of letters of credit outstanding
shall not exceed $50 million and the Corporation may request
performance lines of credit in increments of at least $10
million. Because the lines of credit are uncommitted, Crdit
Agricole is not obligated to make advances thereunder, and the
Corporation incurs no commitment fees; however, the Corporation
will pay a commission on each individual letter of credit at a
rate to be agreed upon at the issuance of each such letter of
credit.

The foregoing description is only a summary of the material
provisions of the Agreement and does not purport to be complete
and is qualified in its entirety by reference to the provisions
in such Agreement, a copy of which will be filed by the
Corporation as an exhibit to its Annual Report on Form 10-K for
the period ending December31, 2016.

Supplemental Indenture

On December19, 2016, the Corporation, UIL Holdings Corporation
(UIL), a wholly-owned subsidiary of the Corporation, and The Bank
of New York Mellon, as Trustee, entered into the Third
Supplemental Indenture (the Supplemental Indenture), dated as of
December19, 2016, whereby the Corporation has replaced UIL as the
obligor under the indenture dated as of October7, 2010 (the
Indenture) between UIL and The Bank of New York Mellon relating
to $450 million in aggregate principal amount of 4.625% Notes due
2020 issued by the predecessor company to UIL (Predecessor UIL)
in 2010. Under the terms of the Indenture, as supplemented, the
Corporation will pay interest on the notes every April 1 and
October 1, and the notes will mature on October 1, 2020. The
Corporation may redeem the notes at any time at the redemption
price described in the Indenture, as supplemented. The notes are
unsecured and rank equally with all of the Corporations other
unsecured and unsubordinated indebtedness from time to time
outstanding. In an Event of Default that is continuing, the
trustee or the holders of at least 25% in aggregate principal
amount of the outstanding notes may accelerate the payment of the
entire principal amount of the notes, together with all accrued
and unpaid interest. The Indenture and the First Supplemental
Indenture between Predecessor UIL and The Bank of New York
Mellon, dated October7, 2010, were filed by Predecessor UIL as
Exhibits 4.1 and 4.2, respectively, to Predecessor UILs Current
Report on Form 8-K filed with the Securities and Exchange
Commission (the SEC) on October7, 2010 (File No.001-15052). The
Second Supplemental Indenture among Predecessor UIL, Green Merger
Sub, Inc. (now, UIL Holdings Corporation) and the Bank of New
York Mellon, as trustee, dated as of December16, 2015 was filed
as Exhibit 4.2 to the Corporations Current Report on Form 8-K
filed with the SEC on December18, 2015.

The foregoing description is only a summary of the material
provisions of the Supplemental Indenture and does not purport to
be complete and is qualified in its entirety by reference to the
provisions in such Supplemental Indenture, a copy of which will
be filed by the Corporation as an exhibit to its Annual Report on
Form 10-K for the year ending December31, 2016.

The information set forth in Item1.01 of this Current Report on
Form 8-K is incorporated by reference in this Item2.03.

2

About Avangrid, Inc. (NYSE:AGR)

Avangrid, Inc. is a diversified energy and utility company with more than $30 billion in assets and operations in 25 states. The company operates regulated utilities and electricity generation through two primary lines of business. Avangrid Networks includes eight electric and natural gas utilities, serving approximately 3.1 million customers in New York and New England. Avangrid Renewables operates 6.3 gigawatts of electricity capacity, primarily through wind power, in states across the United States. Iberdrola S.A. (Madrid: IBE), a worldwide leader in the energy industry, owns 81.5% of AVANGRID.

Avangrid, Inc. (NYSE:AGR) Recent Trading Information

Avangrid, Inc. (NYSE:AGR) closed its last trading session down -0.64 at 37.70 with 446,646 shares trading hands.