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SunEdison secures amendments to DIP credit agreement, notes indenture
By Caroline Salls
Pittsburgh, Aug. 16 – SunEdison, Inc. obtained amendments to its debtor-in-possession credit agreement, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company said the amendments modify guaranty and collateral matters; milestones related to SunEdison’s restructuring efforts; asset sales, including designated assets that constitute permitted dispositions under the DIP credit agreement; intercompany loans and restricted payments; withdrawals from the DIP facilities blocked account; and permitted liens.
In connection with the amendments, the requisite DIP lenders also approved an updated 13-week budget.
In addition, SunEdison said it finalized amendments to the indenture that governs its existing outstanding 5% guaranteed convertible senior secured notes due 2018.
The company said the indenture was modified in order to facilitate guaranties of, and liens securing, the notes under covenants set in the DIP credit agreement and to authorize the notes trustee to take actions related to the performance by the company and its subsidiaries under the DIP credit agreement and/or the final DIP financing order.
SunEdison and some of its subsidiaries that are also guarantors under the DIP credit agreement also entered into a second supplemental indenture documenting the guaranty of the notes.
The additional guarantors also granted liens on their assets that constitute collateral under the DIP credit agreement.
Based in Maryland Heights, Mo., SunEdison operates renewable power plants. It filed for bankruptcy on April 21 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 11 case number 16-10992.
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