October 11 (Renewables Now) - TerraForm Power Inc (NASDAQ:TERP), the renewable power producer with over 4 GW of wind and solar assets, plans to launch a private offering of USD 700 million (EUR 635.5m) worth of senior notes.
The New York-based firm will use the proceeds to redeem in full its existing senior notes due 2025 and to pay down debt outstanding under a senior secured term loan facility. Any remaining funds will go for general corporate needs, TerraForm said on Thursday.
The senior notes will be issued through the company's indirect subsidiary TerraForm Power Operating LLC and will mature in about 10 years, subject to market conditions and other factors.
Earlier this month, TerraForm Power unveiled plans for an offering of common stock, as well as a concurrent private share placement. The proceeds are intended to go for working capital and general corporate purposes.
(USD 1.0 = EUR 0.908)