SunEdison's (SUNE) Continues to Improve Liquidity and Deleverage - RBC Capital
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RBC Capital analyst Mahesh Sanganeria weighed in on SunEdison (NYSE: SUNE) announced issuance of $725M second lien secured term loan and a series of exchange transactions.
The firm believes all the transactions demonstrate progress in improving the company’s liquidity position and deleveraging balance sheet.
"... we like the transaction as it effectively provides SunEdison $550M additional liquidity," Sanganeria said. "While the LIBOR+10% interest appears high for the new loan, it is lower than the effective interest rate of the current $170M second lien term loan."
The firm maintained an Outperform rating and price target of $20.
Shares of SunEdison closed at $5.51 yesterday.
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