The ink is still wet on Canadian asset manager Brookfield Renewable Energy’s acquisition and sponsorship of TerraForm Power (NASDAQ: TERP), and the company is already making moves to restructure its debt.
This morning, the yieldco has announced that it will begin marketing a $300 million secured term loan, with the intention of paying off the balance of its non-recourse portfolio term loan that it entered into on December 2015.
This proactive move comes to a newly confident TerraForm Power. The company reported an ample $692 million in unrestricted cash at the end of the second quarter of 2017. TerraForm has also been chipping away at its liabilities, which fell from $4.8 billion in at the end of 2016 to less than $4.3 billion at the end of Q2 2017.
On November 13 shareholders in fellow former SunEdison yieldco TerraForm Global will also vote on whether or not to approve the acquisition by Brookfield.
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