30 Dec '13, 5pm

SunEdison pays off USD 750 million in note, loans following bond offering #solar

SunEdison Inc. (St. Peters, Missouri, U.S.) reports that it has redeemed all USD 550 million of its senior notes due 2019, as well as its USD 200 million second lien term loan. This follows on the company's successful issuance of USD 1.2 billion in bonds ten days prior. SunEdison's 2019 bonds had an interest rate of 7.75%, and its loan was accruing interest at 10.75%, much higher than the 2.0% and 2.75% interest on the notes which it issued. The company estimates that this will save it more than USD 35 million annually in net interest expenses. “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 SunEdison Chief Financial Officer Brian Wuebbels. “We are well positioned to continue to improve our balance sheet while investing for future ...

Full article: http://www.solarserver.com/solar-magazine/solar-news/curr...

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