TerraForm talks $800 million seven-year green bond at 9% area yield; pricing Thursday

By Paul A. Harris

Portland, Ore., July 29 – TerraForm Global Operating, LLC, a wholly owned, indirect subsidiary of TerraForm Global, Inc., talked its $800 million offering of green-eligible seven-year senior notes (B2/B+) to yield in the 9% area, according to a market source.

The Rule 144A and Regulation S for life offering is expected to price Thursday.

J.P. Morgan Securities LLC and Barclays are the joint physical bookrunners. Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Goldman Sachs & Co., BofA Merrill Lynch and Deutsche Bank Securities Inc. are the joint bookrunners.

Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Santander, SMBC Nikko and SG CIB are the co-managers.

The notes become callable after three years at par plus 75% of the coupon.

The Bethesda, Md.-based clean power generator plans to use the proceeds to fund, in whole or in part, renewable energy projects (eligible green projects), including the financing or refinancing of, or investments in, equipment and systems which generate or facilitate the generation of energy from renewable sources.

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