TerraForm Power Operating LLC priced a $700 million offering of 4.75% senior notes due 2030 at 100% of the principal amount.
The TerraForm Power Inc. subsidiary plans to use net proceeds to redeem in full its existing 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.
The company has called for the redemption of all its existing 2025 notes. The redemption is conditioned upon completion of the offering.
The offering is expected to close by Oct. 16, subject to customary closing conditions.
