SunEdison Board Approves IPO Of Semiconductor Business - Quick Facts

(RTTNews) - SunEdison, Inc. (SUNE) announced Thursday that its board has approved an initial public offering of its semiconductor business to create SunEdison Semiconductor, Inc.

The company noted that it plans to sell a minority ownership interest in the semiconductor business to the public. It expects to use proceeds from the separation to fund initiatives related to the solar business, to repay existing indebtedness and for general corporate purposes.

The newly formed SunEdison Semiconductor will operate as an independent company with a new board of directors.

The firm said it expects to file a registration statement with the Securities and Exchange Commission in the third quarter of 2013, with the initial public offering scheduled by early 2014, subject to market conditions.

The company stated that a final decision regarding the amount of interest to be sold to the public at the time of the initial public offering will be determined by its board at a date to be determined.

Completion of the initial public offering and related items are subject to certain customary conditions.