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Sunedison Inc. (NYSE:SUNE) Stockholders Vote to Increase Number of Shares of Common Stock

Boston, MA 06/17/2014 (wallstreetpr) – Sunedison Inc. (NYSE:SUNE) has announced that on an annual meeting held on May 29, 2014 the company’s stockholders unanimously voted in favor of increasing the number of the company’s authorized shares from 300 to 700 million. The increase in authorized shares will essentially allow the company to fulfill issuances under the future equity based awards.

The approval essentially gives Sunedison discretion to elect and settle its conversion obligations in cash and shares of its common stock; the company will also have the opportunity to issue a maximum number of shares issuable upon conversion of the 2018 and the 2021 notes.

Sunedison Sells $500 Million in Debt

Sunedison is offering $500 million in convertible debt for acquisitions in three continents. Between $350 million and $400 million of the total proceeds will be used to pay the company’s debt on solar farms held by Terraforming Power Inc… The notes are due in 2020 and are to be offered in a private placement with interest and conversion rates set to be determined at the time of sale.

Sunedison Inc. (NYSE:SUNE) is reportedly in talks about the possibility of carrying out acquisition of solar developers and power plants in the U.S and Canada, as well as Chile and the U.K…

Sunedison Signs Master Purchase Agreement

Sunedison has also confirmed that it has awarded NEXTracker Inc. a master services agreement for the purchase of up to 1.85 gigawatts of trackers. The trackers are to be used by the company’s ground mounted projects worldwide over a three years period tied to an-aggressive cost reduction pathway.

NEXTracker platform essentially helps Sunedison’s systems generate more power while also contributing a great deal in the total cost of ownership. Sunedison Inc. (NYSE:SUNE) already has a number of solar power plants that use NEXTracker.

Sunedison’s shares were up on Monday trading session by 10.93% after the company received an upgrade from a Hold rating to a ‘Buy’ by the Deutsche Bank AG (USA) (NYSE:DB). The company’s share price target was consequently increased to $35 from $13.

Published by Benjamin Roussey

Benjamin Roussey is from Sacramento, California. He has two master’s degrees and served four years in the U.S. Navy. His bachelor’s degree is from CSUS (1999) where he was on a baseball pitching scholarship. His second master’s degree is an MBA in Global Management from the University of Phoenix (2006). He has worked for small businesses, public agencies, and large corporations. He has lived in Korea and Saudi Arabia where he was an ESL instructor. Benjamin spends his time in between Northern California and Cabo San Lucas, Mexico, committing himself to his craft of freelance and website writing.

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