SunEdison yieldcos TerraForm Power and TerraForm Global have amended agreements with key lenders to allow them more time to file their financial results and audit.
The previous 7 May deadline has been extended to 28 May following talks with Barclays Bank and other lenders party to its revolver agreement. Under the terms of the latest amendment, loans taken by the companies as part of the revolver will be repaid at the highest interest rate permitted by the deal and fees charged on funds that have not been utilised will also be charged at the maximum rate.
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The yieldcos parent company SunEdison filed for chapter 11 bankruptcy on 21 April. Although not part of those proceedings, TerraForm has warned previously, that the loss of its sponsor could pose risk for the company. All TerraForm staff are SunEdison employees with the exception of its chairman and interim CEO Peter Blackmore.
In order to ensure smooth running, the company has paid more than US$500,000 in “retention awards”, to its CFO Rebecca Cranna (US$299,362) and its general counsel Sebastian Deschler (US$216,930). The payments are spread over three dates to 31 March 2017, according to an SEC filing.
