TerraForm Power Operating LLC on Oct. 16 completed a $700 million private offering of 4.75% senior notes due Jan. 15, 2030.

Interest on the notes is payable every Jan. 15 and July 15 of each year, starting July 15, 2020, according to a Form 8-K filed Oct. 17.

The TerraForm Power Inc. subsidiary plans to use net proceeds to redeem in full its existing 6.625% senior notes due 2025, to repay in full amounts outstanding under its senior secured term loan facility and to pay related fees and expenses. Any remaining amount will be used for general corporate purposes.