SunEdison Plans To Offer $500 Mln Of Convertible Senior Notes

(RTTNews) - SunEdison, Inc. (SUNE) said Wednesday that it plans to offer $500 million aggregate principal amount of convertible senior notes due 2020 in a private placement.

The company also plans to grant to the initial purchasers a 30-day option to purchase an additional $100 million aggregate principal amount of notes on the same terms and conditions.

SunEdison said it plans to use about $350 to $400 million of the net proceeds from the offering to fund acquisitions, development and construction costs and the repayment of project indebtedness for solar projects to be contributed to TerraForm Power, Inc., its yieldco subsidiary, or operating solar projects held on its balance sheet consistent with its retained value strategy.

The company plans to use the remaining net proceeds to fund working capital, accelerate growth of the business and for other general corporate purposes, and the cost of convertible note hedge transactions.