The credit facility if the first half of a $300 million three-year project finance revolving credit facility arranged by Deutsche Bank (DB). SunEdison will use the credit line to buy a develop projects throughout the U.S. and Canada.
The credit line is available immediately, with the rest of the facility expected "in the near term with additional bank syndicate participants."
"This facility continues our successful utilization of the prior revolvers and generates significant project capital needed for our ongoing growth, thereby enhancing our corporate balance sheet," Ryan Bennett, vice president of project finance, North America, SunEdison said in a press release.
Must read: Warren Buffett's 10 Favorite Growth Stocks
TheStreet Ratings team rates SUNEDISON INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNEDISON INC (SUNE) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid stock price performance. At the same time, however, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."