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TERP

TerraForm Power

$12.50

-0.13 (-1.03%)

17:14
12/01/16
12/01
17:14
12/01/16
17:14

TerraForm Power Operating in waiver agreement with requisite lenders

On November 25 TerraForm Power Operating, a subsidiary of TerraForm Power, entered into a waiver agreement with requisite lenders under the Credit and Guaranty Agreement dated as of January 28, 2015. The Waiver Agreement extended the deadline for delivery of certain financial information with respect to the third quarter of 2016 to January 1, 2017 and waived Terra Operating LLC's obligation to comply with the debt service coverage ratio and leverage ratio financial covenants of the Revolver with respect to such quarter and the requirement to certify compliance with those covenants. If Terra Operating LLC failed to deliver the financial information with respect to the third quarter of 2016, its financial statements and accompanying audit report with respect to fiscal year 2015 and certain other related information by January 1, 2017, the waiver would expire and an event of default would occur under the Revolver. Failure to deliver certain summary financial information with respect to the third quarter of 2016 by December 21, 2016 would also result in an event of default under the Revolver. In connection with the Waiver Agreement, Terra Operating LLC made a prepayment of the revolving loans outstanding under the Revolver in an aggregate amount equal to $30,000,000 and permanently reduced the revolving commitments and borrowing capacity under the Revolver by that amount.

TERP TerraForm Power
$12.50

-0.13 (-1.03%)

07/27/16
OPCO
07/27/16
DOWNGRADE
OPCO
Perform
TerraForm Power downgraded to Perform from Outperform at Oppenheimer
07/27/16
OPCO
07/27/16
DOWNGRADE
OPCO
Perform
TerraForm Power downgraded to Perform at Oppenheimer
As previously reported, Oppenheimer analyst Colin Rusch downgraded TerraForm Power (TERP) to Perform from Outperform following the company's filing of preliminary financial data as part of an effort to solicit debt holders' waiver of filing deadlines ahead of a potential August 19th cross-default. With its revolving line of credit fully utilized, approximately $3.9B in total debt, and limited capital flexibility, the analyst sees TerraForm Power as "highly" levered and notes the uncertainty around risk to equity cash flows from ongoing negotiations. Further, he sees ongoing risk to O&M arrangements, performance guarantees, and operating and interest expense support from SunEdison (SUNEQ).
07/28/16
AVON
07/28/16
DOWNGRADE
AVON
Market Perform
TerraForm Power downgraded to Market Perform from Outperform at Avondale
11/09/16
OPCO
11/09/16
NO CHANGE
OPCO
Election to impact solar, alternative transportation plays, says Oppenheimer
Oppenheimer analyst Colin Rusch believes Trump's surprise victory, in tandem with Republicans maintaining control of Congress, constitutes a material negative for the majority of stocks under the firm's coverage and injects "significant policy uncertainty" into the growth outlook for multiple verticals, with solar/ alternative transportation plays the most impacted. He thinks residential solar plays will see lower volumes on more challenging regulations/slower demand, and expects First Solar (FSLR) and SunPower (SPWR) to take share of a smaller utility-scale solar project pie. Yieldcos like NextEra Energy Partners (NEP), NRG Yield (NYLD), 8point3 Energy (CAFD), Pattern Energy (PEGI), and TerraForm Power (TERP) could see a smaller set of available projects, he adds. Rusch believes a Trump administration could weaken or repeal corporate fuel economy standards, and a rollback could be a net negative for Johnson Controls (JCI), Ideal Power (IPWR) and Maxwell (MXWL). Also, he would not be surprised to see a Trump administration attempt to block federal support for EV buyers but provide support for companies such as Tesla (TSLA) that are creating U.S. manufacturing jobs.

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MTB

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KEY

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GNC

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ADBE

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$113.00

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FB

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GNC

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CBSH

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Morgan Stanley

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IPHI

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SMTS

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MS

Morgan Stanley

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CSII

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SPX

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CGEN

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ORCL

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ORCL

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PANW

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APTI

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AES

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ACN

Accenture

$160.21

2.25 (1.42%)

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MS

Morgan Stanley

$55.35

0.75 (1.37%)

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  • 18

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GDX

Market Vector Gold Miners

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MS

Morgan Stanley

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