Barclays Agents TerraForm Revolver Increase
TerraForm Power announced that subsidiary TerraForm Power Operating closed a $550 million secured revolver.
Barclays acted as joint lead arranger and administrative agent, together with Bank of America Merrill Lynch, Citigroup, Goldman Sachs, Macquarie, and Morgan Stanley. Keybank and Royal Bank of Canada acted as co-documentation agents.
The revolver replaces TerraForm Power Operating’s previous $215 million secured revolving credit facility. The maturity of the new revolver was extended to January 2020 (from July 2017 for the previous revolving credit facility). The revolver is currently undrawn and may be increased up to $725 million, subject to certain provisions.
“This increase in our revolving credit facility highlights TerraForm Power’s financial strength and our bank group’s support for our vision to be the leading owner and operator of contracted clean power generation assets,” said Alex Hernandez, CFO of TerraForm Power. “The revolver gives us a flexible capital source and increased liquidity to execute on our growth strategy for our shareholders.”
TerraForm Power is a renewable energy leader changing how energy is generated, distributed and owned.