UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 19, 2015
SunEdison, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
1-13828 | 56-1505767 | |
(Commission File Number) |
(I.R.S. Employer Identification No.) | |
13736 Riverport Dr. Maryland Heights, Missouri |
63043 | |
(Address of Principal Executive Offices) | (Zip Code) |
(314) 770-7300
(Registrants Telephone Number, including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01. | Entry into a Material Definitive Agreement. |
Margin Loan Amendment and Paydown
On November 20, 2015, SUNE ML 1, LLC, a Delaware limited liability company (the Borrower) and a wholly-owned special purpose subsidiary of SunEdison, Inc. (the Company), repaid an additional $95 million due and owing pursuant to the Margin Loan Agreement, dated as of January 29, 2015 (the Margin Loan Agreement as had been amended) by and among the Borrower, the Company, as a guarantor, Deutsche Bank AG, London Branch, as the administrative agent and the calculation agent, and the other lenders party thereto.
Approximately $5 million of principal amount remains outstanding under the Margin Loan Agreement, which is cash collateralized.
Prior to the prepayment, on November 19, 2015, the Borrower entered into a further amendment of the Margin Loan Agreement and related letter agreement, pursuant to which, among other things, the mandatory prepayment provisions of the Margin Loan Agreement were revised to provide that if the stock price of the common stock of TerraForm Power, Inc. became equal to or less than the market value trigger set forth therein, the Borrower would be subject to mandatory prepayment provisions under the Margin Loan Agreement and/or would be required to post additional cash collateral by the time specified therein and in an aggregate amount sufficient to establish a loan to value percentage equal to or less than 0.00%.
Item 7.01. | Regulation FD Disclosure. |
On November 24, 2015, the Company issued a press release announcing the repayment of substantially all amounts due and owning pursuant to the Margin Loan Agreement. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this Current Report).
In accordance with General Instruction B.2 of Form 8-K, the press release is deemed to be furnished and shall not be deemed filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the Securities Act), or the Exchange Act.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as anticipate, believe, intend, plan, predict, outlook, objective, forecast, target, continue, will, or may or other comparable terms and phrases. All statements that address operating performance, events, or developments that the Company expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond the Companys control and are described in the Companys Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide the Companys current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but the Company can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. The Company disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit |
Description | |
99.1 | Press Release issued November 24, 2015 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SUNEDISON, INC. | ||||||
Date: November 24, 2015 | By: | /s/ Martin H. Truong | ||||
Name: | Martin H. Truong | |||||
Title: | Senior Vice President, General | |||||
Counsel and Corporate Secretary |
Exhibit Index
Exhibit |
Description | |
99.1 | Press Release issued November 24, 2015 |
Exhibit 99.1
SUNEDISON ANNOUNCES PAY DOWN OF MARGIN LOAN
MARYLAND HEIGHTS, Missouri, Nov. 24 2015 - /PRNewswire/ SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that its wholly-owned subsidiary SUNE ML 1, LLC repaid substantially all of the amounts due and owing pursuant to the Margin Loan Agreement it had entered into with Deutsche Bank AG, London Branch, as the administrative agent and the calculation agent, and the other lenders party thereto. Following the payment, approximately $5 million remains outstanding under the Margin Loan Agreement, which is cash collateralized, plus accrued and unpaid interest, if any, and any other fees pursuant thereto.
We believe a significant portion of the recent volatility around the Company and its subsidiaries has been attributed to the Margin Loan. said Ahmad Chatila, SunEdison President and Chief Executive Officer. As we shared with you yesterday, we are taking aggressive steps to align our operations, leverage our existing platform and capitalize on our organic development opportunities as we enhance our cash flow to drive value for our shareholders.
The Company filed a Current Report on Form 8-K today with the Securities and Exchange Commission further describing the margin loan repayment and other matters.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the worlds largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdisons common stock is listed on the New York Stock Exchange under the symbol SUNE. To learn more visit www.SunEdison.com.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as anticipate, believe, intend, plan, predict, outlook, objective, forecast, target, continue, will, or may or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdisons control and are described in SunEdisons Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdisons current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to update or revise any forward-looking statement, except as required by law.
Contacts
For SunEdison:
Media:
Gordon Handelsman
ghandelsman@sunedison.com
(805) 427-3752
Investors/Analysts:
R. Phelps Morris
pmorris@sunedison.com
(314) 770-7325
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