Loading...
Loading...
SunEdison
announced today that it has completed the redemption of all $550 million
outstanding aggregate principal amount of its 7.75% senior notes due 2019, and
its $200 million second lien term loan with an interest rate of 10.75%. These
redemptions follow the company's successful, upsized offering of $600 million
of 2.00% Convertible Senior Notes due October 1, 2018, and $600 million of
2.75% Convertible Senior Notes due January 1, 2021.
Lower interest expense associated with the company's convertible debt
offering, relative to the extinguished debt, will result in a net savings of
more than $35 million per year.
"The successful upsizing of our convertible debt offering and the redemptions
announced today meaningfully reduce our annual interest expense and further
strengthen our balance sheet," stated Brian Wuebbels, Chief Financial Officer
of SunEdison. "We are well positioned to continue to improve our balance
sheet while investing for future growth."
About SunEdison
SunEdison is a global leader in semiconductor and solar technology.
SunEdison's semiconductor business has been a pioneer in the design and
development of silicon wafer technologies for over 50 years. With R&D and
manufacturing facilities in the U.S., Europe and Asia, SunEdison enables the
next generation of high performance semiconductor devices. SunEdison's solar
business develops, finances, installs and operates distributed power plants,
delivering fully managed, predictably priced solar energy services for its
commercial, government and utility customers. SunEdison's common stock is
listed on the New York Stock Exchange under the symbol "SUNE."
Forward-Looking Statements
Some of the statements in this press release are "forward-looking" and are
made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. These "forward-looking" statements include
statements relating to the expected annual interest expense from the
convertible senior notes. These statements involve risks and uncertainties
that may cause results to differ materially from the statements set forth in
this press release. The forward-looking statements in this press release speak
only as of the date of this press release and are subject to uncertainty and
changes. Given these circumstances, you should not place undue reliance on
these forward-looking statements. SunEdison expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to such statements
to reflect any change in its expectations with regard thereto or any changes
in the events, conditions or circumstances on which any such statement is
based.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in