SunEdison secures $590Mn to acquire First Wind

SunEdison Inc. (NYSE: SUNE) has secured $590 million to acquire First Wind.

Previously, SunEdison raised $190 million through the secondary offering of its Semiconductor shares, in which the company sold nearly 12.9 million shares. Additionally, SunEdison secured a $400 million credit commitment from several financial institutions for a 24-month loan, secured with a portion of shares in TerraForm Power.

In November 2014, SunEdison and TerraForm Power announced that they had signed an agreement to acquire First Wind for $2.4 billion. Under terms of the agreement, SunEdison will provide the upfront portion of the consideration, valued at approximately $1.0 billion. This is in addition to the previously announced $340 million seller convertible note. Any remaining costs will be paid for in cash.

The acquisition is expected to close during the first quarter of 2015.

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