Skip to main content

Market Overview

SunEdison Surges Following Agreement To Extinguish $336 Million Of Notes

Share:

Shares of Sunedison Inc (NYSE: SUNE) surged higher by nearly 8 percent Wednesday morning following the company's announcement that it will extinguish $336 million of 2020 exchangeable notes.

SunEdison noted that its whole-owned subsidiary, Seller Note LLC, entered into an agreement to extinguish all of its outstanding $336 million aggregate principle amount of 3.75 percent exchangeable notes due in 2020.

$121 million of the notes will be extinguished "shortly following the signing of the agreement" and the remainder will be extinguished "upon the transfer of the relevant projects."

SunEdison added that in return for extinguishing the notes, noteholders will receive equity interest in renewable energy assets and a specific number of Class A shares of TerraForm Power Inc (NASDAQ: TERP).

"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."

Shares traded recently at $5.23, up 4.1 percent.

 

Related Articles (SUNE)

View Comments and Join the Discussion!

Posted-In: Solar Power SunEdison TerraForm Power YieldCoNews Movers

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com