October 14 (Renewables Now) - TerraForm Power Inc (NASDAQ:TERP), the US-based power producer with over 4 GW of wind and solar assets, has set a 4.75% coupon on the senior bonds in its latest USD-700-million (EUR 633.9m) issuance.
The bonds will be issued through the company's indirect subsidiary TerraForm Power Operating LLC and will mature in 2030, TerraForm said on Thursday. The New York-based company will offer the notes at an initial price of 100% of the principal amount in connection with its previously announced private offering.
As the parent company said previously, TerraForm Power LLC will guarantee the senior notes. Funds from the transaction will go to redeem in full TerraForm Power Operating’s 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.
The sale is expected to be completed on or about October 16, 2019.
(USD 1.0 = EUR 0.906)