SunEdison to Extinguish $336 Million of 2020 Exchangeable Notes

published: 2015-12-31 14:57 | editor: | category: News

SunEdison’s wholly-owned subsidiary, Seller Note, LLC, 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 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."

The company intends to file a Current Report on Form 8-K that provides additional details on the transaction.

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