SunEdison announces 30M-share stock offering, shares -5.6% AH

|By:, SA News Editor

The offering is accompanied by a 4.5M-share overallotment option. If based on SunEdison's (SUNE) AH trading price, proceeds would amount to $237M-$273M (depending on overallotments). (PR) (S-3)

SunEdison, which is in the midst of spinning off its chip wafer ops through a $250M IPO, only says it will use the proceeds for "general corporate purposes, which it expects to include funding working capital and growth initiatives."

The company had over $2.6B in debt on its balance sheet at the end of Q2, offset by only $482M in cash. SunEdison has posted thus losses thus far in 2013, but is expected to turn profitable in Q4.

Earlier: SunEdison obtains financing for 100MW solar plant