TerraForm Commences $500 Mln Stock Offering

(RTTNews) - TerraForm Power Inc (TERP) on Wednesday said it has commenced a $500 million underwritten public offering of shares of its Class A common stock.

TerraForm Power has also granted the underwriters a 30-day option to purchase additional shares of its Class A common stock.

TerraForm Power intends to use the net proceeds from the offering, along with the net proceeds of its recently completed offering of $150 million of its senior notes due 2023, to repay amounts outstanding on its revolving credit facility and for general corporate purposes, which may include the funding of future acquisitions from its sponsor (SunEdison Inc) (SUNE).

Morgan Stanley, J.P. Morgan, Barclays, Citigroup, BofA Merrill Lynch, Macquarie Capital, and UBS Investment Bank are serving as joint bookrunners in the offering.