SunEdison takes on $300 million in new financing

A bankruptcy court has approved additional funding for SunEdison from existing lenders.

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SunEdison and its creditors have modified the terms of its debtor-in-possession agreement to accommodate an additional $300 million in financing, according to a disclosure to financial regulators.

The company first reported bankruptcy court approval of the new loan last Friday, which it says will allow it to support its operations, minimize disruption to projects and partnerships and make necessary operational changes.

The new loan modifies SunEdison’s debtor-in-possession agreement in multiple aspects, including a reduction in the interest rate of the company’s Tranche A-1 Roll-Up Loans from 8% to 3.75% for Eurocurrency rate loans and 7% to 2.75% for base rate loans.

The new Tranche 2 Roll-Up loans will receive the original rate for Tranche A-1 at 7-8%. In the revised debtor-in-possession agreement Deutsch Bank, Morgan Stanley, Goldman Sachs, Barclays have been revealed as the largest lenders in the first tranche of loans.

The new loan comes during reports that Adani Group is considering purchase of some of SunEdison’s solar assets in India.

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Christian Roselund

Christian Roselund served as US editor at pv magazine from 2014 to 2019. Prior to this he covered global solar policy, markets and technology for Solar Server, and has written about renewable energy for CleanTechnica, German Energy Transition, Truthout, The Guardian (UK), and IEEE Spectrum.

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