TerraForm launches $349 million term loan B at Libor plus 200-225 bps

By Sara Rosenberg

New York, May 3 – TerraForm Power Operating LLC launched on Thursday a $349,125,000 senior secured term loan B (Ba1/BB+/BB+) due Nov. 8, 2022 with price talk of Libor plus 200 basis points to 225 bps with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

RBC Capital Markets is the lead arranger and bookrunner on the deal.

Commitments are due at 10 a.m. ET on May 10, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 275 bps with a 1% Libor floor.

TerraForm Power is a Bethesda, Md.-based owner and operator of a renewable power portfolio of solar and wind assets.

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