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TerraForm Power completes common stock offering, private placement

TerraForm Power Inc. completed an underwritten public offering of class A common stock and a concurrent private placement, according to an Oct. 8 filing.

For the public offering, the company agreed to sell 14,907,573 common shares at $16.77 apiece to the underwriter, RBC Capital Markets LLC. The company also granted the underwriter a 30-day option to purchase up to an additional 2,236,135 shares at the same price.

For the private placement, a Brookfield Asset Management Inc. affiliate purchased 2,981,514 TerraForm Power shares at $16.77 apiece for a total consideration of approximately $50 million. As a result of this purchase, Brookfield affiliates now hold approximately 61% of TerraForm Power's common stock.

TerraForm Power plans to use net proceeds from both transactions for working capital and general corporate purposes.

Separately, TerraForm Power Operating LLC amended a credit and guaranty agreement with lenders and issuing banks to increase the aggregate size of the revolver to $800 million and extend the maturity date to Oct. 5, 2024.

As part of the amendment, the aggregate size of the letter of credit facility under the revolver was increased to $300 million and the accordion feature was set at $150 million.

HSBC Bank USA NA served as administrative and collateral agent.