NEW YORK (TheStreet) -- Shares of TerraForm Power (TERP) were falling 2.3% to $37.32 on heavy trading volume after the utilities company announced the pricing of the 15.75 million shares of common stock in its public offering.
TerraForm Power priced the 15.75 million shares of Class A common stock at $38 a share. The company granted the underwriters of the offering a 30-day option to buy up to an additional 2,362,500 shares at the same price.
The company plans to use the net proceeds from the offering along with proceeds from its recent offering $150 million of senior notes due 2023 to repay amounts outstanding on its revolving credit facility and general corporate purposes.
The offering is expected to close on June 24, 2015.
About 2.7 million shares of TerraForm Power were traded by 9:46 a.m. Friday, above the company's average trading volume of about 731,000 shares a day.