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TerraForm seeks waivers from holders of 9¾% notes for filing reports
By Susanna Moon
Chicago, Aug. 26 – TerraForm Global, Inc. said its subsidiary TerraForm Global Operating, LLC began a consent solicitation for its 9¾% senior notes due 2022.
The company is soliciting waivers for defaults that may have occurred as a result of a failure to comply with reporting covenants until 5 p.m. ET on Dec. 6, according to a company announcement.
The solicitation will end at 5 p.m. ET on Sept. 1. Holders must be of record as of 5 p.m. ET on Aug. 25.
TerraForm is offering a consent fee of $5.00 per $1,000 principal amount.
If the company obtains the needed consents, it will be deemed to have accepted the consents when it pays the consent fee, at which time the proposed waiver and amendments will become effective, the release said.
In addition, under the proposed waiver, if a merger includes a repurchase offer by TerraForm Global or a potential acquirer at a price of at least equal to 101% plus accrued interest, compliance with the annual and quarterly reporting covenants will be suspended beginning on the date of the public announcement and the proposed waiver will continue regardless of the waiver expiration date, with some provisions.
Global Bondholder Services Corp. (866 794-2200) is the tabulation agent. Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the solicitation agent.
TerraForm is a Bethesda, Md., owner and operator of clean energy power plants.
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