SunEdison's yieldcos gain more time to file quarterly, annual reports

The two yieldcos of US renewables developer SunEdison (OTCMKTS:SUNEQ) have amended certain credit agreements to win more time to file their financial reports, according to regulatory filings on Tuesday.

Through unit TerraForm Global Operating LLC, yieldco TerraForm Global Inc (NASDAQ:GLBL) has amended its credit and guaranty agreement with Goldman Sachs Bank USA for the third time, reducing the aggregate amount of the revolving commitments to USD 350 million (EUR 307m). This action also gives TerraForm Global time until June 30 and August 29 to file its reports for the first quarter of 2016 and the full year 2015, respectively.

At the same time, TerraForm Power Operating LLC, part of TerraForm Power Inc (NASDAQ:TERP), has entered into a sixth amendment to its credit deal with Barclays Bank Plc that allows the yieldco to file both its quarterly and annual financial statements by May 28.

The previous deadline for submitting the annual reports of both yieldcos was May 7, but they missed it, as did parent company SunEdison. The latter blamed it on ongoing inquiries and investigations into its financial position and deficient information technology controls in connection with newly implemented systems.

Eventually, on April 21 debt-laden SunEdison filed for bankruptcy protection. It stressed at the time that the move does not concern its two yieldcos.

(USD 1.0 = EUR 0.877)

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