TerraForm announces 95% acceptance of Saeta Yield takeover offer
TerraForm Power, Inc has announced that Spain’s National Securities Market Commission (CNMV) has confirmed a 95% acceptance of its tender offer to acquire all of the shares of Saeta Yield, S.A . The CNMV also set the closing date for the acquisition of 95% of Saeta Yield for 12 June. With greater than 90% of the shares being acquired, TerraForm will pursue a statutory squeeze out to procure the remaining 5% of the shares, which is expected to close on 3 July.
Saeta’s portfolio is comprised of 100% owned, recently constructed assets primarily in Western Europe, including 778 MW of onshore wind and 250 MW of concentrated solar, with an average age of six years and a remaining useful life in excess of 23 years.
To satisfy the US$1.2 billion total purchase price, TerraForm Power intends to execute a funding plan comprised of the following sources:
- A private placement of US$650 million of its Class A stock with its sponsor Brookfield Asset Management or its affiliates at the previously agreed back-stop price of US$10.66 per share;
- The remaining US$550 million will be financed with available liquidity, which the TerraForm intends to refinance with a combination of project financings of its unencumbered assets and cash to be released from Saeta’s assets.
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