US PV energy provider SunEdison has announced the prices for its offering of US$400 million principal amount of 2.375% convertible senior notes in a exclusive placement offering.
The offering is expected to end on 27 January 2015, with SunEdison granting purchasers a 30-day option to buy an additional US$60 million in notes through the same terms and conditions.
The notes up for placement will pose an annual interest rate of 2.375%, which would be paid off by purchasers through a motion on April 15 and October 15 each year. Unless converted or purchased at an early date, the notes will mature on 15 April 2022.
SunEdison projects the net proceeds from the notes offering will pan out to approximately US$389.45 million. With those funds, SunEdison plans to help finance part of SunEdison’s acquisition of First Wind Holdings, repay around US$119.1 million in debts built up through the purchase of 1.6GW of tax-credit turbines, pay for working capital and fund other capped call transactions.
