February 7, 2018 / 11:09 AM / 6 months ago

BRIEF-Terraform Power Announces Offer To Acquire 100 Pct Of Saeta Yield

Feb 7 (Reuters) - Terraform Power Inc:

* TERRAFORM POWER ANNOUNCES OFFER TO ACQUIRE 100% OF LEADING EUROPEAN RENEWABLE POWER BUSINESS, SAETA YIELD

* TERRAFORM POWER INC - TERRAFORM POWER’S OFFER IS EUR 12.20 IN CASH PER SHARE OF SAETA

* TERRAFORM POWER INC - TRANSACTION IS HIGHLY ACCRETIVE TO TERRAFORM POWER

* TERRAFORM POWER INC - AGGREGATE VALUE OF IRREVOCABLE COMMITMENTS, REPRESENTING MORE THAN A 50% INTEREST IN SAETA, IS APPROXIMATELY $600 MILLION

* TERRAFORM POWER - IF CO ACQUIRES ALL OF REMAINING SAETA SHARES IN TENDER OFFER, TOTAL PURCHASE PRICE WILL BE APPROXIMATELY $1.2 BILLION

* TERRAFORM POWER INC - ‍INTENDS TO FINANCE OFFER WITH A $400 MILLION EQUITY OFFERING WITH BALANCE FUNDED FROM AVAILABLE LIQUIDITY​

* TERRAFORM POWER INC - TERRAFORM POWER WILL BE ABLE TO ACQUIRE 100% OF SHARES OF SAETA PROVIDED THAT AT LEAST 90% OF SHARES ARE TENDERED IN OFFER

* TERRAFORM POWER - DUE TO ACCRETION OF DEAL, CO HAS INCREASED DIVIDEND 6 PERCENT TO $0.76 PER SHARE (ON AN ANNUAL BASIS)

* TERRAFORM POWER INC - ‍PRIOR TO FUNDING TRANSACTION, TERRAFORM POWER HAS OVER $1 BILLION OF LIQUIDITY UNDER COMMITTED FACILITIES​

* TERRAFORM POWER INC - ‍AGGREGATE VALUE OF IRREVOCABLE COMMITMENTS, REPRESENTING MORE THAN A 50% INTEREST IN SAETA, IS APPROXIMATELY $600 MILLION​

* TERRAFORM POWER - CO INTENDS TO EXECUTE A FUNDING PLAN COMPRISED OF $400 MILLION EQUITY OFFERING, REMAINING $800 MILLION TO BE FINANCED WITH AVAILABLE LIQUIDITY

* TERRAFORM POWER INC - SECURED IRREVOCABLE COMMITMENTS FROM SHAREHOLDERS TO TENDER THEIR SHARES IN SAETA UNDER OFFER​

* TERRAFORM POWER INC - TRANSACTION HAS BEEN APPROVED BY BOARD OF DIRECTORS OF TERRAFORM POWER Source text for Eikon: Further company coverage:

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