As part of its restructuring efforts, SunEdison has announced the pricing of $725 million of Second Lien Secured Term Loans. This will comprise $500 million of A1 loans, and $225 million of A2 loans. Set to mature on July 2, 2018, they will carry an interest rate of LIBOR plus 10% per annum.
To reduce debt, the company has further announced a number of exchange transactions with "certain holders" of its Convertible Senior Notes due in 2018, 2020, 2022 and 2025 and its Perpetual Convertible Preferred Stock. These are expected to result in a debt reduction of $738 million.
The news comes just over a week after the beleaguered company announced a deal whereby it will exchange US$336 million in outstanding notes due 2020 for a combination in equity in projects under development and class A shares of yieldco TerraForm Power, thus wiping this debt off its balance sheet.
It also communicated at the time that clients, advised by JP Morgan, will buy a 33% stake in 15 operating solar PV projects totaling 336 MWdc from Virginia power company Dominion. Terra Nova Renewable Partners will pay $180 million plus a working capital adjustment.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.