| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2016 > News item |
TerraForm extends consent solicitation for three series until Dec. 2
By Susanna Moon
Chicago, Nov. 23 – TerraForm Power, Inc. said subsidiary TerraForm Power Operating, LLC extended the bid to amend its 9¾% senior notes due 2022.
The company also is soliciting consents to amend its 5 7/8% senior notes due 2023 and its 6 1/8% senior notes due 2025.
As announced Nov. 15, TerraForm is seeking waivers for some reporting covenants under the note indentures.
The consent solicitation will now continue until 5 p.m. ET on Dec. 2, extended from 5 p.m. ET on Nov. 22.
All other terms of the solicitation remain unchanged, according to a company update.
As reported Nov. 18, the company’s largest independent shareholder, Brookfield Asset Management Inc., is offering to buy the company to eliminate the need for a waiver extension from its noteholders.
Consents are being solicited from the holders of TerraForm Power Operating, LLC’s 5 7/8% senior notes due 2023 and 6 1/8% senior notes due 2025 and the holders of TerraForm Global Operating, LLC’s 9¾% senior notes due 2022.
The proposed waivers would waive any and all defaults or events of default existing as of 5 p.m. ET on Dec. 6 – the expiration of a previous waiver obtained in August for the 5 7/8% and 6 1/8% notes and in September for the 9¾% notes – and compliance with annual and quarterly reporting covenants. The waiver date would be extended to 5 p.m. ET on Jan. 6 from 5 p.m. ET on Dec. 6.
The proposed waiver under each series of notes requires consents from holders of a majority of that series of notes.
TerraForm is offering consenting holders an initial consent fee of $1.00 per $1,000 principal amount.
If TerraForm has not filed by Dec. 6 annual and quarterly reports as required and cured each related default or event of default, TerraForm may pay consenting holders an additional extension fee of $1.50 per $1,000 principal amount.
Citigroup Global Markets Inc. (800 558-3745 and 212 723-6106) is the solicitation agent. Global Bondholder Services Corp. (866 924-2200) is the tabulation agent.
TerraForm is a Bethesda, Md., owner and operator of clean energy power plants.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.