SunEdison Cuts Cash Portion of Vivint Solar Offer
Solar company SunEdison Inc said it cut the cash portion of its offer for Vivint Solar Inc by $2.00 to $7.89 per share.
SunEdison's shares jumped 21.4 percent to $4.25 in early trading on Wednesday.
The company said the stock component of the offer has been raised by 75 cents per share.
SunEdison also said Blackstone Group LP had entered into a commitment to provide a $250 million credit facility.
SunEdison said its yieldco, TerraForm Power Inc, will acquire Vivint Solar's then-installed rooftop solar portfolio for about $799 million based on the number of installed megawatts (MW) expected to be delivered at closing, subject to reduction based on any solar portfolio debt assumed by TerraForm Power.
TerraForm Power was to buy Vivint's rooftop solar portfolio of 523 megawatts for $922 million, according to the terms of the deal signed in July.
Hedge fund Appaloosa Management LP's David Tepper had earlier this month questioned TerraForm's acquisitions in the Vivint deal.
TerraForm Power's shares rose 16.3 percent to $10.16.
(Reporting by Sneha Banerjee in Bengaluru)
