SunEdison: Redemption of senior notes
ST. PETERS, Mo. - SunEdison, Inc. announced that it has completed the redemption of all $550 million outstanding aggregate principal amount of its 7.75% senior notes due 2019, and its $200 million second lien term loan with an interest rate of 10.75%. These redemptions follow the company's successful, upsized offering of $600 million of 2.00% Convertible Senior Notes due October 1, 2018, and $600 million of 2.75% Convertible Senior Notes due January 1, 2021.
Lower interest expense associated with the company's convertible debt offering, relative to the extinguished debt, will result in a net savings of more than $35 million per year.
"The successful upsizing of our convertible debt offering and the redemptions announced today meaningfully reduce our annual interest expense and further strengthen our balance sheet," stated Brian Wuebbels, Chief Financial Officer of SunEdison. "We are well positioned to continue to improve our balance sheet while investing for future growth."
SunEdison is a global leader in semiconductor and solar technology. SunEdison's semiconductor business has been a pioneer in the design and development of silicon wafer technologies for over 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, SunEdison enables the next generation of high performance semiconductor devices. SunEdison's solar business develops, finances, installs and operates distributed power plants, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE."
SOURCE: SunEdison, Inc.