TerraForm Power, Inc. (NASDAQ:TERP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
Repricing of Revolver
On October 5, 2018 (the “Effective Date”), TerraForm Power Operating, LLC (“TERP Operating”), an indirect subsidiary of TerraForm Power, Inc. (the “Company”), entered into an amendment (the “Repricing Amendment”) to that certain Credit and Guaranty Agreement, dated as of October 17, 2017 (as amended from time to time, the “Revolver”), among TERP Operating, as borrower, TerraForm Power, LLC, as guarantor, certain subsidiaries of TERP Operating, as guarantors, the lenders party thereto from time to time, and HSBC Bank USA, National Association, as administrative and collateral agent.
As a result of the Repricing Amendment, the interest rate on the revolving loans (“Revolving Loans”) under the Revolver was reduced by 0.75% per annum and, effective as of the Effective Date, Revolving Loans bear interest at a rate equal to, at TERP Operating’s option, either (i) LIBOR plus an applicable margin ranging from 1.50% to 2.25% per annum, or (ii) a base rate plus an applicable margin ranging from 0.50% to 1.25% per annum. The applicable margin for the Revolving Loans will be determined by reference to a leverage-based grid. In addition, the Repricing Amendment extended the maturity date of the Revolver to October 5, 2023.
TERP Operating did not incur additional debt or receive any proceeds in connection with the Repricing Amendment. This description of the Repricing Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Repricing Amendment included as an exhibit to this Form 8-K.
Item 9.01 Financial Statement and Exhibits.
(d)Exhibits
| Exhibit No. | Description |
| 10.1 | Amendment No. 3 to Credit and Guaranty Agreement, dated as of October 5, 2018, among TerraForm Power Operating, LLC as borrower, TerraForm Power, LLC as a guarantor, certain subsidiaries of TerraForm Power Operating, LLC as guarantors, the lenders party thereto from time to time, and HSBC Bank USA, National Association, as administrative and collateral agent. |
TerraForm Power, Inc. ExhibitEX-10.1 2 exh_101.htm EXHIBIT 10.1 Exhibit 10.1 EXECUTION VERSION AMENDMENT NO. 3 TO CREDIT AND GUARANTY AGREEMENT AMENDMENT NO. 3,…To view the full exhibit click here
About TerraForm Power, Inc. (NASDAQ:TERP)
TerraForm Power, Inc. is a diversified owner of clean power generation assets in developed markets. This includes solar and wind assets located in the United States, Canada, the United Kingdom and Chile. The Company’s 2,967 megawatts renewable energy portfolio enables power production around the clock.
