MARYLAND HEIGHTS, Mo. — SunEdison entered into an agreement to extinguish all of its outstanding $336 million aggregate principal amount of 3.75% Guaranteed Exchangeable Senior Secured Notes due 2020 (the “Exchangeable Notes”).
In return for extinguishing the Exchangeable Notes, noteholders will receive consideration in the form of SunEdison’s membership equity interest in certain under development renewable energy assets as well as a specified number of Class A shares of TerraForm Power, Inc. (NASDAQ: TERP) currently utilized by the Company to secure the Exchangeable Notes.
Approximately $121 million of the Exchangeable Notes will be extinguished shortly following the signing of the agreement, with the remainder to be extinguished upon the transfer of the relevant projects.
“We are very pleased to reach an agreement with the holders of the Exchangeable Notes to extinguish the debt.” said Brian Wuebbels, SunEdison’s chief financial officer. “We believe this was a mutually beneficial solution to deleverage our balance sheet by selling our under development assets as well as the Company’s shares of TerraForm Power.”
Terms of the Transactions
The Company intends to file a Current Report on Form 8-K that provides additional details on the transaction.
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world’s largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world.