SunEdison and TerraForm Power Announce Successful Syndication of $280 Million TerraForm Private Warehouse Debt Facility

Aug 12, 2015, 07:05 ET from SunEdison, Inc.

MARYLAND HEIGHTS, Mo., and BETHESDA, Md., Aug. 12, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, and TerraForm Power, Inc. (Nasdaq: TERP), an owner and operator of clean energy power plants, today announced the successful syndication of the $280 million 7 year term loan facility of TerraForm Private Warehouse. The offering was oversubscribed and was ultimately placed with a diverse group of leading institutional investors. The term loan will bear interest at a rate of LIBOR (subject to a 1.0% floor) plus 4.0%, in line with the initial guidance to the market.

TerraForm Private Warehouse was formed by SunEdison to hold 521 MW of acquired operating assets from Atlantic Power for a maximum period of 7 years. The assets have a weighted average contracted life of 18 years with investment grade utilities with a weighted-average credit rating of A3. TerraForm Power has an exclusive call right over the warehoused operating assets, and expects to add them to the company's portfolio over time.

TerraForm Private Warehouse is $525 million in aggregate size, with equity provided by leading infrastructure investors Macquarie Capital and John Hancock, and by TerraForm Power's sponsor, SunEdison. Morgan Stanley, Citi, and Goldman Sachs acted as joint lead arrangers on the term loan facility.

About SunEdison

SunEdison is the world's largest renewable energy development company and is transforming the way energy is generated, distributed, and owned around the globe. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.

About TerraForm Power

TerraForm Power is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm Power, please visit: http://www.terraform.com.

Safe Harbor Disclosure

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including with respect to expected Adjusted EBITDA, cash available for distribution, earnings, future growth and financial performance, and typically can be identified by the use of words such as "expect," "estimate," "anticipate," "forecast," "intend," "project," "target," "plan," "believe" and similar terms and expressions.

Forward-looking statements are based on current expectations and assumptions. Although SunEdison and TerraForm Power believe that their expectations and assumptions are reasonable, they can give no assurance that these expectations and assumptions will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, among others: the failure by TerraForm Power to acquire assets from TerraForm Private Warehouse at reasonable prices, or at all, the failure of counterparties to fulfill their obligations under offtake agreements; price fluctuations, termination provisions and buyout provisions in offtake agreements; delays or unexpected costs during the completion of projects under construction; the company's ability to successfully identify, evaluate and consummate acquisitions from SunEdison or third parties or changes in expected timing of any acquisitions; government regulation; operating and financial restrictions under agreements governing indebtedness; the company's ability to borrow additional funds and access capital markets; the company's ability to compete against traditional and renewable energy companies; the company's ability to integrate acquired power plants; and hazards customary to the power production industry and power generation operations, such as unusual weather conditions and outages. Furthermore, any dividends are subject to available capital, market conditions and compliance with associated laws and regulations.

SunEdison and TerraForm Power undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause SunEdison or TerraForm Power's actual results to differ materially from those contemplated in the forward- looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect future results included in the company's filings with the Securities and Exchange Commission ("SEC") at www.sec.gov. In addition, SunEdison and TerraForm Power makes available free of charge at www.sunedison.com and www.terraform.com copies of materials it files with, or furnishes to, the SEC.

 

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SOURCE SunEdison, Inc.



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