TerraForm Global, a subsidiary of PV project developer SunEdison, has priced an underwritten initial public offering (IPO) of 45 million shares of its Class A common stock at US$15 per share, which represents US$675 million in gross proceeds.
Shares began trading on the NASDAQ Global Select Market on 31 July, under the symbol ‘GLBL’.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
TerraForm has granted the underwriters a 30-day option to purchase up to a further 6.75 million shares at the original IPO price.
Furthermore TerraForm Global will also receive gross proceeds of US$67.5 million from the sale of shares of Class A common stock in connection with a concurrent private placement transaction at a price per share equal to the IPO price.
TerraForm intends to use the proceeds of the IPO and proceeds from the private placement transactions to acquire newly-issued Class A units of TerraForm Global, LLC (Global LLC).
Global LLC will use proceeds and cash on hand, combined with an $810 million senior unsecured notes offering of TerraForm Global Operating, LLC, to repay all outstanding indebtedness under its bridge facility, to pay pending acquisition consideration, repay project-level indebtedness, and general corporate purposes, which could include acquisitions of renewable energy assets from SunEdison or other unaffiliated third parties.
