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May 29, 2018, 11:27 a.m. EDT

TerraForm Power boosts stock offering to $600 million

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By Tomi Kilgore

TerraForm Power Inc. /zigman2/quotes/205933696/lastsale TERP -5.25% filed Tuesday to boost the value of its stock offering by 50% to $600 million, as the clean power generation company looks to pay for the recently announced acquisition of a European wind and solar power company, Saeta Yield S.A. The price of the offering has not yet been determined. TerraForm had initially filed in March to offer $400 million worth of Class A common stock. The stock slipped 0.1% in morning trade. TerraForm said the offering would be backstopped by Brookfield Asset Management, at a price of $10.66, which is 2.6% below current prices. The company said it will use the proceeds of the stock offering to finance the acquisition of Saeta. On Feb. 7, TerraForm said it had launched a tender to buy 100% of Saeta's outstanding shares. TerraForm's stock has lost 8.4% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -3.37% has gained 1.0%.

/zigman2/quotes/205933696/lastsale
US : U.S.: Nasdaq
$ 15.16
-0.84 -5.25%
Volume: 855,482
March 27, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
5.32%
Market Cap
$3.43 billion
Rev. per Employee
$4.56M
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/zigman2/quotes/210599714/realtime
US : S&P US
2,541.47
-88.60 -3.37%
Volume: 3.59B
March 27, 2020 5:12p
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