SunEdison initiates TerraForm Global IPO unveils green bonds issue
Jul 20, 2015 07:57 CEST
July 20 – US renewables major SunEdison Inc (NYSE:SUNE) is launching today the planned listing of its emerging markets yieldco TerraForm Global Inc, which, at the same time, intends to offer USD 800 million (EUR 739m) worth of green bonds.
TerraForm Global has applied for an initial public offering (IPO) of its Class A common stock on the NASDAQ Global Select Market under the symbol “GLBL”. JP Morgan and Barclays Plc are acting as lead bookrunning managers and structuring advisors in the offering, while Citigroup and Morgan Stanley serve as active bookrunners, SunEdison said today.
In a separate statement, TerraForm Global said that its fully-owned indirect unit, TerraForm Global Operating LLC, plans to offer up to USD 800 million worth of senior notes due 2022 in a private transaction, subject to market conditions and other factors.
The issuer intends to use the funds raised through the bond sale to finance, in whole or just partially, renewable energy projects. This includes the investment in and financing or refinancing of equipment and systems that produce or facilitate the generation of energy from renewable sources such as solar, wind and hydropower.
TerraForm Global is SunEdison’s second yieldco vehicle following TerraForm Power Inc (NASDAQ:TERP). In mid-June, SunEdison unveiled two M&A transactions that will bring over 2 GW of wind and solar power capacity in operation, under construction or under development in Central America and India. Those assets will be placed on the operational call rights list for TerraForm Global, the company said at the time.
(USD 1.0 = EUR 0.924)
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