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TERP

TerraForm Power

$10.27

-0.11 (-1.06%)

06:10
02/07/18
02/07
06:10
02/07/18
06:10

TerraForm Power announces offer to acquire 100% of Saeta Yield

TerraForm Power announces that it has launched a voluntary tender offer to acquire 100% of the outstanding shares of Saeta Yield, S.A., a leading, publicly-listed European owner and operator of wind and solar assets, located primarily in Spain. TerraForm Power has secured irrevocable commitments from shareholders, who together own more than a 50% interest, to tender their shares in Saeta under the offer. TerraForm Power's offer is EUR12.20 in cash per share of Saeta. The aggregate value of the irrevocable commitments, representing more than a 50% interest in Saeta, is approximately $600M. If TerraForm Power successfully acquires all of the remaining Saeta shares in the tender offer, the total purchase price will be approximately $1.2B. Due to the accretion of the transaction, TerraForm Power has increased its dividend to 76c per share (on an annual basis), a 6% increase over its previous target of 72c per share, and reconfirms its dividend growth target of 5-8% per annum. Prior to funding the transaction, TerraForm Power has over $1B of liquidity under committed facilities, including $500M under its corporate credit facility, which has been upsized to $600 million, and $500M under the sponsor line with Brookfield. Assuming a $1.2B purchase price, TerraForm Power intends to execute a funding plan comprised of the following sources: A $400M equity offering, which Brookfield has agreed to backstop in order to provide a minimum issuance price equal to TerraForm Power's 5-day VWAP immediately prior to announcement of the transaction; The remaining $800M will be financed with available liquidity, which TerraForm Power intends to refinance with a combination of project financings of its unencumbered assets and cash to be released from Saeta's assets. The tender offer is expected to be completed in the second quarter of 2018, subject to certain closing conditions including obtaining regulatory approvals. TerraForm Power will be able to acquire 100% of the shares of Saeta provided that at least 90% of the shares are tendered in the offer. The transaction has been approved by the Board of Directors of TerraForm Power.

  • 26

    Feb

TERP TerraForm Power
$10.27

-0.11 (-1.06%)

10/23/17
BARD
10/23/17
UPGRADE
Target $19
BARD
Outperform
TerraForm Power upgraded to Outperform at Baird
As previously reported, Baird analyst Ben Kallo upgraded TerraForm Power to Outperform from Neutral as he believes Brookfield's sponsorship could provide an engine to restore growth. The analyst believes TerraForm is an effective way to invest in renewables and the risk/reward is attractive at current levels. Kallo raised his price target to $19 from $13 on TerraForm Power shares.
10/23/17
10/23/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. athenahealth (ATHN) upgraded to Equal-Weight from Underweight at First Analysis with analyst Frank Sparacino citing valuation following the company's "disappointing" third quarter results. 2. General Electric (GE) upgraded to Buy from Neutral at BofA/Merrill with analyst Andrew Obin citng the reset in earnings expectations. 3. Dr Pepper Snapple (DPS) upgraded to Outperform from Market Perform at Wells Fargo with analyst Bonnie Herzog saying she has increased confidence in the company's near-term outlook after meeting with management at last week's National Association of Convenience Stores Show. 4. ServiceNow (NOW) upgraded to Overweight from Neutral at Piper Jaffray with analyst Alex Zukin saying channel checks and industry conversations suggest ServiceNow is executing in the near term and "laying the foundation for a multi-year growth story that is still in its early stages." 5. TerraForm Power (TERP) upgraded to Outperform from Neutral at Baird with analyst Ben Kallo saying he believes Brookfield's sponsorship could provide an engine to restore growth. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/24/17
BOFA
10/24/17
INITIATION
Target $11
BOFA
Underperform
TerraForm Power reinstated with an Underperform at BofA/Merrill
BofA/Merrill analyst Julien Dumoulin-Smith reinstated TerraForm Power with an Underperform and $11 price target saying the recent run in shares leaves little upside.
11/27/17
GSCO
11/27/17
INITIATION
Target $13
GSCO
Neutral
TerraForm Power resumed with a Neutral at Goldman Sachs
Goldman analyst Brian Lee resumed coverage on TerraForm Power with a Neutral and $13 price target saying risk/reward is balanced.

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PFNX

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COOL

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