The notes are senior unsecured obligations of TerraForm Global Operating and on the issue date will be guaranteed by the issuer's direct parent, TerraForm Globa.
Following the issue date, the notes will be guaranteed by any domestic subsidiaries of Global LLC that guarantee the issuer's revolving credit facility or any other material indebtedness. TerraForm Global will not guarantee the Notes.
TerraForm Global Operating intends to use the net proceeds of the offering of the notes to fund, in whole or in part, renewable energy projects, Eligible Green Projects, which include financing or refinancing of, or investments in, equipment and systems which generate or facilitate the generation of energy from renewable sources, such as solar, wind and hydroelectric energy.
In late July we reported that SunEdison will acquire Vivint Solar for approximately US$2.2 billion. In addition, TerraForm Power will acquire future completed residential and small commercial projects from SunEdison‘s expanded residential and small commercial (RSC) business unit.