TerraForm Power Inc. subsidiary TerraForm Power Operating LLC has closed the consent solicitation it previously launched to obtain waivers from holders of its 5.875% senior notes due 2023 and 6.125% senior notes due 2025 relating to certain offers to repurchase covenants and to effectuate certain amendments to the note indentures.
According to an Aug. 11 company release, the solicitation garnered majority approval from the note holders, allowing the company to waive compliance with certain covenants under the indentures relating to any change of control that may result from a merger agreement among TerraForm Power, BRE TERP Holdings Inc. and Brookfield Asset Management Inc. subsidiary Orion US Holdings 1 LP.
TerraForm Power Operating also garnered consents to amend the definition of "Permitted Holder" under the indentures by replacing references to "the Sponsor" with Brookfield Asset Management, or its successors and assigns, following deal close.
Each consenting holder received $2.50 per $1,000 principal amount of the notes. Global Bondholder Services Corp. served as the tabulation agent of the solicitation.