SunEdison to raise $725 million, pay off more debt


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.

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