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TerraForm Power plans $700M note offering

TerraForm Power Operating LLC intends to offer $700 million of senior notes, with a maturity of approximately 10 years.

The notes will be guaranteed by TerraForm Power LLC, which will also guarantee all of TerraForm Power Operating's current and future offerings, according to an Oct. 10 news release.

TerraForm Power Operating will use the proceeds to redeem in full its existing senior notes due 2025, to repay in full outstanding amounts under its senior secured term loan facility and related fees and expenses, and for general corporate purposes.

TerraForm Power LLC is a subsidiary of TerraForm Power Inc., which is sponsored by Brookfield Asset Management Inc.