Major PV energy provider (PVEP), SunEdison has said it will save more than US$35 million per year in interest payments after redeeming loans of over US$750 million.
The company recently engaged in new bond offerings with significantly lower interest expense as it undertook repayment of all US$550 million outstanding amount of its 7.75% senior notes due 2019, and its US$200 million second lien term loan with an interest rate of 10.75%.
“The successful upsizing of our convertible debt offering and the redemptions announced today meaningfully reduce our annual interest expense and further strengthen our balance sheet,” stated Brian Wuebbels, chief financial officer of SunEdison. “We are well positioned to continue to improve our balance sheet while investing for future growth.”
SunEdison is planning to aggressively execute on its PV project pipeline in 2014 and double installations from 2013 levels.