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Friday, July 31, 2015

TerraForm Global Tumble In Nasdaq Debut

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July 31:

Shares of TerraForm Global Inc (GLBL) dropped in its trading debut on the Nasdaq Global Select Market on Friday, after the company's initial public offering.
TerraForm - a subsidiary of renewable energy development company SunEdison Inc - had priced its IPO of 45 million Class A common shares at $15.00 each, in line with the revised expectations.
The company granted the underwriters a 30-day option to purchase up to an additional 6.75 million shares.
TerraForm expects gross proceeds of $675 million from the offering, and a further $67.5 million from a private placement; it expects to use the aggregate net proceeds to acquire newly-issued Class A units of TerraForm Global LLC.
TerraForm Global LLC will use such proceeds and cash on hand, along with proceeds of the $810 million senior unsecured notes offering of TerraForm Global Operating LLC, to repay debts, to pay pending acquisition consideration, and for general corporate purposes, which may include future acquisitions of clean energy generation assets from SunEdison.

TerraForm, based in Bethesda, Maryland, owns clean power generation assets in high-growth emerging markets. The company's portfolio consists of wind, solar and hydroelectricity assets across countries including China, India, Southeast Asia and Latin America.
TerraForm closed Friday's regular trading session at $14.00, down $1.00 or 6.67%, on a volume of about 21 million shares on the Nasdaq. The stock traded in a range of $13.50 - $14.44 during the session. In after hours, the stock dropped $0.03 or 0.21% at $13.97.

Source: http://www.rttnews.com/story.aspx?Id=2533370

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