SunEdison and TerraForm Power announce successful syndication

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SunEdison and TerraForm Power announce successful syndication

SunEdison and TerraForm Power has announced the successful syndication of the US$280 million 7 year term loan facility of TerraForm Private Warehouse.


The offering was oversubscribed and was ultimately placed with a diverse group of leading institutional investors. The term loan will bear interest at a rate of LIBOR (subject to a 1.0% floor) plus 4.0%, in line with the initial guidance to the market.

TerraForm Private Warehouse was formed by SunEdison to hold 521 MW of acquired operating assets from Atlantic Power for a maximum period of 7 years. The assets have a weighted average contracted life of 18 years with investment grade utilities with a weighted-average credit rating of A3. TerraForm Power has an exclusive call right over the warehoused operating assets, and expects to add them to the company's portfolio over time.

TerraForm Private Warehouse is US$525 million in aggregate size, with equity provided by leading infrastructure investors Macquarie Capital and John Hancock, and by TerraForm Power's sponsor, SunEdison. Morgan Stanley, Citi, and Goldman Sachs acted as joint lead arrangers on the term loan facility.


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