TerraForm Power Inc. subsidiary TerraForm Power Operating LLC plans to redeem its outstanding $950 million aggregate principal amount of 5.875% senior notes due 2023, according to a Nov. 27 press release.
The redemption of the 2023 notes is subject to the completion of a private offering of senior notes in aggregate principal amount of $1 billion. The notes may be offered in one or more series, the company said, with maturities up to approximately 10 years, depending on market conditions and other factors.
The 2023 notes will be redeemed at a redemption price that it estimates to include a make-whole premium of approximately $51 million in the aggregate, plus accrued and unpaid interest. The redemption date, Dec. 12, may be extended by TerraForm Power Operating, pending satisfaction of the private offering.
