TerraForm Power Operating LLC on Dec. 12 completed a private offering of $500 million of 4.25% senior notes due Jan. 31, 2023, and $700 million of 5.0% senior notes due Jan. 31, 2028.
Interest on the notes is payable Jan. 31 and July 31 of each year, starting July 31, 2018. The notes are guaranteed by TerraForm Power LLC and TerraForm Power Operating's existing and future subsidiaries. TerraForm Power Inc. did not guarantee the notes.
TerraForm Power will use the sale proceeds to redeem in full its existing $950 million of 5.875% senior notes due 2023 and to repay outstanding debts under its revolving credit facility.
