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SunEdison discussing debtor-in-possession financing with lenders
New York, April 15 – SunEdison, Inc. disclosed that it has been discussing a proposed debtor-in-possession financing with some of its first and second lien lenders.
The DIP facility would be sized at $310 million, according to an 8-K filing with the Securities and Exchange Commission.
SunEdison is projecting its cash balance will reach a trough of negative $260 million on June 23.
A $310 million DIP facility would cover that shortfall and provide a further $50 million buffer, the filing said.
The funding would be necessary for the company to “maximize value” and continue its core business operations.
SunEdison signed a confidentiality agreement on March 17 with some of its first and second lien lenders, according to the SEC filing.
It said on Friday that the negotiations over a potential financing transaction are “still ongoing” and it added that there is no assurance an agreement will be reached.
SunEdison is a Maryland Heights, Mo. renewable energy development company.
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