First Wind gets consents from 10¼% noteholders to issue more notes

By Marisa Wong

Madison, Wis., April 1 - First Wind Capital, LLC said it received the required consents from holders of a majority in principal amount of its outstanding 10¼% senior secured notes due 2018 as of 5 p.m. ET on April 1, the expiration of its previously announced consent solicitation.

After receiving the needed consents, the company executed a supplemental indenture effecting changes to the notes. The proposed amendments will not become operative until the consent fee has been paid, according to a press release.

The company will pay a consent fee of $20.00 in cash per $1,000 principal amount of notes for which a consent was delivered by the expiration time.

Payment is expected to occur on April 4 and is subject to a financing condition, namely, the completion of a debt financing totaling $75 million.

The consent solicitation began on March 26. Holders had to be of record as of 5 p.m. ET on March 25 to participate.

As announced, the company wants to modify the definition of permitted debt under the notes indenture so it may issue additional notes for the purpose of acquiring permitted businesses or making capital expenditures or paying for project costs.

The amendment would also modify the restricted payments covenant to permit payments to First Wind Holdings or its subsidiaries in an aggregate amount of up to $29 million with the proceeds of additional notes.

Goldman Sachs & Co. (800 828-3182) acted as solicitation agent. D.F. King & Co., Inc. (800 697-6975) is the information and tabulation agent.

First Wind develops, finances, builds and operates utility-scale renewable energy projects throughout the United States. The company is based in Boston.

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