SunEdison’s wholly-owned subsidiary SUNE ML 1, LLC repaid substantially all of the amounts due and owing pursuant to the Margin Loan Agreement it had entered into with Deutsche Bank AG, London Branch, as the administrative agent and the calculation agent, and the other lenders party thereto. Following the payment, approximately $5 million remains outstanding under the Margin Loan Agreement, which is cash collateralized, plus accrued and unpaid interest, if any, and any other fees pursuant thereto.
"We believe a significant portion of the recent volatility around the Company and its subsidiaries has been attributed to the Margin Loan," said Ahmad Chatila, SunEdison President and Chief Executive Officer. "As we shared with you yesterday, we are taking aggressive steps to align our operations, leverage our existing platform and capitalize on our organic development opportunities as we enhance our cash flow to drive value for our shareholders."
The Company filed a Current Report on Form 8-K today with the Securities and Exchange Commission further describing the margin loan repayment and other matters.