By Lisa Kerner
Charlotte, N.C., Jan. 16 – SunEdison, Inc. announced it raised $190 million to fund the acquisition of First Wind through the secondary offering of SunEdison Semiconductor Ltd. shares.
The offer was priced on Jan. 14, and SunEdison sold about 12.9 million shares, according to a company news release.
Underwriters include Deutsche Bank Securities Inc., Barclays Capital Inc.; Goldman, Sachs & Co.; Morgan Stanley & Co. LLC and Macquarie Capital (USA) Inc., according to the prospectus filed with the Securities and Exchange Commission.
$400 million loan
SunEdison also secured a $400 million credit commitment from several of its relationship financial institutions. The 24-month loan is secured with a portion of SunEdison’s shares in TerraForm Power. These proceeds will also be used to fund the $1 billion cash portion of the upfront consideration to purchase First Wind.
TerraForm and SunEdison announced a definitive agreement on Nov. 17 under which the companies would acquire First Wind for $2.4 billion.
SunEdison previously announced a $340 million seller convertible note to fund the cash portion. The company will also use cash on hand.
TerraForm Power is a clean power company based in Beltsville, Md.
SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants. Its solar energy headquarters is located in Belmont, Calif.
| Issuer: | SunEdison, Inc.
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| Issue: | SunEdison Semiconductor Ltd. shares
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| Amount: | $190 million
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| Shares: | 12.9 million
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| Price: | $15.19
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| Warrants: | No
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| Bookrunner: | Deutsche Bank Securities Inc., Barclays Capital Inc.; Goldman, Sachs & Co.; Morgan Stanley & Co. LLC and Macquarie Capital (USA) Inc.,
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| Pricing date: | Jan. 14
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| Stock symbol: | Nasdaq: SEMI
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| Stock price: | $16.31 at close Jan. 14
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| Market capitalization: | $686.09 million
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