TerraForm Power prices public offering of common stock


TerraForm Power has also granted the underwriters a 30-day option to purchase an additional 2,362,500 shares, or approximately $90 million, of its Class A common stock at the price to the public. The offering is expected to close on June 24, 2015 subject to satisfaction of customary closing conditions.

TerraForm Power intends to use the net proceeds from the offering, along with the net proceeds of its recently completed offering of $150 million of its senior notes due 2023, to (a) repay amounts outstanding on its revolving credit facility, which amounts were used to fund previously announced acquisitions including Canadian solar plant acquisitions and the acquisition of certain solar generation facilities from a wholly-owned subsidiary of Integrys Energy Group, Inc., and (b) for general corporate purposes, which may include the funding of future acquisitions from its sponsor (SunEdison, Inc.) (NYSE:SUNE), future acquisitions from third parties, and/or debt repayment. To the extent the underwriters exercise their 30-day option to purchase additional shares, the net proceeds will be used to purchase Class B units of TerraForm Power, LLC, at the price to the public less the underwriting discount, from TerraForm Power’s sponsor.