SunEdison greenshoe lifts 2.375% convertible notes to $460 million

By Angela McDaniels

Tacoma, Wash., Jan. 27 – The underwriters for SunEdison Inc.’s 7.25-year convertible senior notes exercised their $60 million greenshoe in full, increasing the size of the issue to $460 million from $400 million, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the company priced an upsized $400 million of the convertibles after the market close on Jan. 22 at par to yield 2.375% with an initial conversion premium of 35%.

The deal was initially talked at $350 million in size. The greenshoe was upsized from $52.5 million.

Pricing of the Rule 144A deal came at the midpoint of talk, which was for a 2.125% to 2.625% coupon and a 32.5% to 37.5% premium.

The joint bookrunners were Barclays, Goldman Sachs & Co. and Morgan Stanley & Co. LLC.

About $119.1 million of the proceeds will be used to repay all or a portion of the debt incurred to purchase 1.6 GW of production tax credit qualified turbines. Remaining proceeds will be used to fund a portion of the company’s acquisition of First Wind Holdings, to fund working capital, to accelerate growth, for other general corporate purposes and to fund the cost of capped call transactions.

Maryland Heights, Mo.-based SunEdison is a renewable energy company that makes solar technology and develops solar power plants.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.