On Wednesday, Shares of SunEdison, Inc. (NYSE:SUNE), gained 6.74% to $14.25, hitting its lowest level.
SunEdison and TerraForm Power, Inc. (TERP), an owner and operator of clean energy power plants, declared the successful syndication of the $280 million 7 year term loan facility of TerraForm Private Warehouse. The offering was oversubscribed and was ultimately placed with a diverse group of leading institutional investors. The term loan will bear interest at a rate of LIBOR (subject to a 1.0% floor) plus 4.0%, in line with the initial guidance to the market.
TerraForm Private Warehouse was formed by SunEdison to hold 521 MW of attained operating assets from Atlantic Power for a maximum period of 7 years. The assets have a weighted average contracted life of 18 years with investment grade utilities with a weighted-average credit rating of A3. TerraForm Power has an exclusive call right over the warehoused operating assets, and anticipates to add them to the company’s portfolio over time.
TerraForm Private Warehouse is $525 million in aggregate size, with equity offered by leading infrastructure investors Macquarie Capital and John Hancock, and by TerraForm Power’s sponsor, SunEdison. Morgan Stanley, Citi, and Goldman Sachs acted as joint lead arrangers on the term loan facility.
SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through three segments: Solar Energy, TerraForm Power, and Semiconductor Materials.
Shares of IAMGOLD Corp. (NYSE:IAG), inclined 13.10% to $1.90, during its last trading session, as Gold futures ended sharply higher Wednesday, registering a fifth straight gain in the precious yellow metal as turmoil in China roiled markets for a second day, according to Market Watch.
Gold benefited from weakness in the dollar, measured by the ICE U.S. Dollar Index DXY, +0.28% a measure of the dollar’s strength against a basket of six rival currencies, which sunk 1% Wednesday and is off 1.3% for the week. A weaker dollar is a boon for dollar-denominated gold, making it more attractive to buyers in other currencies. Market Watch Reports.
IAMGOLD Corporation primarily engages in the exploration, development, and operation of gold mining properties. It also explores for silver and copper deposits. The company holds interests in four operating gold mines, in addition to exploration and development projects located in Africa, South America, and Canada. IAMGOLD Corporation was incorporated in 1990 and is headquartered in Toronto, Canada.
Finally, Fidelity National Information Services, Inc. (NYSE:FIS), ended its last trade with 8.73% gain, and closed at $70.75, hitting its highest level.
Fidelity National Information Services declared that it has signed a definitive agreement to acquire Wayne, Pennsylvania-based SunGard. Upon closing, FIS will be uniquely positioned to offer a broad range of enterprise banking and capital markets capabilities to empower financial institutions and businesses worldwide.
Under the terms of the agreement, FIS will acquire 100 percent of the equity of SunGard. FIS will issue a combination of cash and stock valuing the company at an unaffected enterprise value of $9.1 billion, counting the assumption of SunGard debt, which FIS anticipates to refinance. The combined company will have over $9.2 billion in annual revenues.
Fidelity National Information Services, Inc. provides banking and payments technology, consulting, and outsourcing solutions worldwide.
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