BETHESDA, Md., Feb. 2, 2015 (GLOBE NEWSWIRE) -- TerraForm Power, Inc. (Nasdaq:TERP) ("TerraForm Power"), a global owner and operator of clean energy power plants, today announced that its indirect subsidiary, TerraForm Power Operating, LLC, closed a $550 million secured revolving credit facility (the "Revolver").
The Revolver replaces TerraForm Power Operating, LLC'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, Chief Financial Officer of TerraForm Power. "The Revolver gives us a flexible capital source and increased liquidity to execute on our growth strategy for our shareholders."
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.
About TerraForm Power
TerraForm Power is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm Power, please visit: http://www.terraform.com.
This communication contains forward-looking statements, including, but not limited to, that the Revolver may be increased up to $725 million. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as "will," "expect," "estimate," "anticipate," "forecast," "plan," "believe" and similar terms. Although TerraForm Power believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, risks and uncertainties related to the capital markets. Any forward-looking information presented herein is made only as of the date of this press release, and TerraForm Power does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Source:TerraForm Power, Inc.