SunEdison Announces IPO Pricing For Yieldco

Posted by SI Staff on July 18, 2014 No Comments
Categories : New & Noteworthy

TerraForm Power Inc., a yieldco subsidiary of SunEdison Inc., has priced an underwritten initial public offering (IPO) of 20,065,000 shares of its Class A common stock at a price to the public of $25.00 per share. The shares will be traded on the NASDAQ Global Select Market.

In connection with this offering, TerraForm Power has granted the underwriters a 30-day option to purchase up to an additional 3,009,750 shares of Class A common stock at the IPO price. TerraForm Power will also receive gross proceeds of $65 million from the sale of shares of Class A common stock in connection with two concurrent private placement transactions at a price per share equal to the IPO price.

TerraForm Power intends to use $371.2 million of the net proceeds of this offering and the gross proceeds of $65.0 million from the private placement transactions to acquire newly issued Class A units of TerraForm Power LLC.Â

TerraForm Power LLC will use such proceeds, together with the proceeds from a new term loan facility, to repay outstanding debt and other expenses.

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