SunEdison Says It Will Raise $725 Million, Reduce $738 Million Of Debt

Shares of Sunedison Inc SUNE were trading higher by more than 2 percent early Thursday morning after the company announced the pricing of $725 million of secured term loans and an agreement to reduce $738 million of debt.

Sunedison noted a Second Lien Facility will be comprised of $500 million of A1 loans and $225 million of A2 loans, both carrying an interest rate of LIBOR plus 10.0 percent per annum and will mature on July 2, 2018.

Sunedison stated the proceeds from the Second Lien Facilities will be used to repay all of the outstanding indebtedness, along with interest, transaction costs and for general corporate purposes.

Sunedison also disclosed it reached an agreement with "certain holders" of its Convertible Senior Notes due 2018, 2020, 2022 and 2025 and its Perpetual Convertible Preferred Stock. The arrangement is expected to result in a $738 million reduction in debt.

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Posted In: NewsFinancingMoversSendison Second Lien FacilitySunEdisonSunedison Debt Reduction
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