SunEdison issues Q4 warning, shares -7.7% AH

SunEdison (SUNE) now expects its chip wafer division, soon to be spun off in an IPO, to post Q4 revenue of $205M-$215M, down from prior guidance of $220M-$230M. The company blames "continued market weakness." Pricing and market share are said to be largely unchanged. (PR)

SunEdison is also cutting its Q4 solar systems sales forecast to 209MW-234MW from a prior 234MW-264MW. However, the cut is simply due to a decision to keep more projects on the company's balance sheet. Completed systems guidance is unchanged at 209MW-234MW, and guidance for systems retained on SunEdison's balance sheet has been raised to 100MW-110MW from 75MW-80MW.

Separately, SunEdison is announcing a debt refinancing effort. The company plans to sell $800M worth of convertible senior notes (half due in 2018, the other half in 2021), and use the proceeds to redeem $550M worth of 7.75% senior notes due 2019 and a $200M term loan sporting a 10.75% interest rate.

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