By Lisa Kerner
Charlotte, N.C., July 31 – SunEdison, Inc. subsidiary TerraForm Global, Inc. priced an underwritten initial public offering of 45 million shares of its class A common stock at $15.00 per share, for gross proceeds of $675 million.
The shares will begin trading on the Nasdaq Global Select Market on July 31 under the ticker symbol “GLBL,” according to a news release.
TerraForm Global has granted the underwriters a 30-day option to purchase up to an additional 6.75 million shares at the IPO price.
In addition, TerraForm Global will receive gross proceeds of $67.5 million from the sale of shares of class A common stock in connection with a concurrent private placement transaction, also at $15.00 per share.
Proceeds will be used to acquire newly issued class A units of TerraForm Global, LLC.
TerraForm Global will use the proceeds, plus cash on hand and proceeds from the $810 million senior unsecured notes offering of TerraForm Global Operating, LLC, to repay all outstanding debt under its bridge facility, to pay pending acquisition consideration, to repay project-level debt and for general corporate purposes, which may include future acquisitions of clean-energy-generation assets.
J.P. Morgan and Barclays are serving as joint bookrunners and structuring advisers. Citigroup, Morgan Stanley, Goldman, Sachs & Co., BofA Merrill Lynch and Deutsche Bank Securities are also serving as joint bookrunners. BTG Pactual, Itau BBA, SMBC Nikko, Societe Generale and Kotak Investment Banking are serving as co-managers.
SunEdison is a Belmont, Calif.-based solar technology company. TerraForm is a Bethesda, Md., company that owns and operates clean energy power plants. Atlantic Power owns and operates power generation assets and is based in Dedham, Mass.
| Issuer: | TerraForm Global Inc.
|
| Issue: | Class A common stock
|
| Amount: | $675 million
|
| Greenshoe: | $101.25 million, or 6.75 million shares
|
| Shares: | 45 million
|
| Price: | $15.00
|
| Joint bookrunners: | J.P. Morgan, Barclays, Citigroup, Morgan Stanley, Goldman, Sachs & Co., BofA Merrill Lynch and Deutsche Bank Securities
|
| Co-managers: | BTG Pactual, Itau BBA, SMBC Nikko, Societe Generale and Kotak Investment Banking
|
| Pricing date: | July 31
|
| Stock symbol: | Nasdaq: GLBL
|
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