SunEdison, Inc.OTCPK - Limited
Vivint Solar Earnings Raises Concerns For Several Industry Players
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EnerTuition • 49 Comments
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Husker Investing • 28 Comments
Husker Investing • 28 Comments
Mon, Mar. 21, 7:07 PM
- Though local utility Hawaiian Electric recently cancelled contracts to buy 148MW of power from three SunEdison (NYSE:SUNE) solar plants, hedge fund D.E. Shaw is still looking to buy the plants.
- D.E. agreed to buy the plants in December, before Hawaiian pulled out of its electricity-purchase contracts. D.E. managing director Bryan Martin stated in a letter his firm thinks the purchase of the plants "should help to alleviate" Hawaiian's concerns about "SunEdison's ability to perform as the projects' sponsor."
- Hawaiian spokesman Darren Pai: "We remain concerned that D.E. Shaw is a creditor of SunEdison and is trying to acquire the solar contracts to help settle that debt. Should SunEdison later go into bankruptcy, as many financial media outlets are speculating, those projects could be tied up in a fight amongst creditors for a long time."
Wed, Mar. 16, 9:15 AM
Wed, Mar. 16, 7:25 AM
- The company cites material weaknesses in internal controls as it delays the filing of its 2015 annual report.
- SUNE -18.5% to $1.68 per share.
- Previously: SunEdison CFO Brian Wuebbels is leaving to focus on TerraForm (March 11)
Fri, Mar. 11, 8:27 AM
- SunEdison (NYSE:SUNE) CFO Brian Wuebbels to step down to focus fulltime efforts as CEO of TerraForm Power (NASDAQ:TERP) and TerraForm Global (NASDAQ:GLBL).
- Ilan Daskal appointed CFO and EVP.
- Wuebbels: "Despite the current challenges in the yieldco space, the team and I believe there is significant value in the companies given their geographic diversity and balanced mix of contracted solar and wind power plants."
- SUNE +3.3% premarket.
- March 9: TerraForm Power: The Only Winner From The Termination Of The SunEdison/Vivint Solar Merger
- March 8: Sell SunEdison On The Vivint Merger Termination
Wed, Mar. 9, 7:51 AM
- Vivint Solar (NYSE:VSLR) confirms it has initiated a lawsuit against SunEdison (NYSE:SUNE) over the latter's "willful breach" of the merger agreement between the two companies.
- VSLR says it is seeking damages for the benefits its stockholders expected in connection with the transaction, among other things.
- SUNE says that prior to yesterday's termination, it had commenced discussions with VSLR concerning a possible negotiated end to their proposed merger.
- SUNE +8%, VSLR +4% premarket.
Tue, Mar. 8, 6:51 PM
- Up big in early trading following news of the Vivint Solar (VSLR -20%) deal termination (was accompanied by accusations from Vivint of "a willful breach of the merger agreement"), SunEdison (SUNE +5.3%) finished the day up $0.10 to $2.00. JPMorgan's Paul Coster used the occasion to downgrade SunEdison to Underweight, arguing the deal termination highlights SunEdison's low liquidity.
- By contrast, Deutsche's Vishal Shah, who recently suspended his ratings for SunEdison and TerraForm Power (TERP +3.8%) in response to the companies' 10-K filing delays, thinks there will be fewer concerns about SunEdison and TerraForm's liquidity now that they aren't on the hook for paying for Vivint. He does admit investors could be worried about Vivint and parent Blackstone suing SunEdison - Vivint hinted at a lawsuit in today's announcement - but adds the companies could be protected by their inability to obtain deal financing.
- Appaloosa Management's David Tepper, whose firm owns 9.5% a stake in TerraForm and had sued to stop TerraForm's purchase of Vivint's rooftop solar portfolio, says he still has concerns about the independence of TerraForm's management from SunEdison. "There’s good value in an independent TerraForm."
Tue, Mar. 8, 9:17 AM
- Gainers: SUNE +29%. LEU +24%. OMER +14%. BNTC +12%. TERP +11%. URBN +8%. ORIG +7%. SOL +6%. BCRX +5%.
- Losers: PSG -35%. EMITF -18%. OCLR -15%. REXX -14%. EPE -11%. FBR -11%. CRK -10%. LINE -10%. SHAK -9%. VNR -8%. SDRL -8%. BCEI -7%. LNCO -7%. RIO -7%. CRC -7%. BHP -6%. VSLR -6%. BTU -6%. JBLU -6%. ARP -6%. TSEM -6%. DNR -6%. BBL -6%. MT -5%. VALE -5%.
Tue, Mar. 8, 7:46 AM
- Vivint Solar (NYSE:VSLR) says it is terminating its merger agreement with SunEdison (NYSE:SUNE) after the latter failed to consummate the deal.
- VSLR says it will "seek all legal remedies available" as a result of the "willful breach" of the merger agreement by SUNE.
- SUNE had agreed to buy VSLR, which is controlled by Blackstone Group (NYSE:BX), on July 20 in a cash-and-stock deal valued at ~$2.2B; As part of the deal, SUNE yieldco TerraForm Power (NASDAQ:TERP) had agreed to buy VSLR's rooftop solar portfolio for $799M.
- SUNE +40.5%, VSLR -1.9%, TERP +12.5% premarket.
Mon, Mar. 7, 9:11 AM
Fri, Mar. 4, 9:23 AM
- Gainers: SUNE +25%. CRC +18%. SDRL +17%. [[PBR-A]] +16%. CKEC +16%. SID +15%. PBR +14%. GGB +13%. BCEI +12%. BBD +12%. UPL +11%. CST +11%. CPE +10%. HPE +9%. CLNE +9%. ITUB +9%. BSBR +9%. CIG +%. [] +%. [] +%.
- Losers: MTW -77%. VTAE -41%. NMBL -19%. SYMC -18%. HRB -11%. ERJ -9%. TACT -9%. FBR -8%. AMBA -8%. SPLS -5%.
Fri, Mar. 4, 7:11 AM
- SunEdison (NYSE:SUNE) will pay $28.5M and TerraForm (NASDAQ:TERP) nothing over the termination SUNE's acquisition of Latin America Power.
- SUNE +18.8% premarket to $1.80
- Previously: WSJ: SunEdison will not complete $700M buyout of Latin America Power (Oct. 7, 2015)
Thu, Mar. 3, 12:53 PM
Thu, Mar. 3, 9:15 AM
Wed, Mar. 2, 5:10 PM
- SunEdison (NYSE:SUNE) is suspending the quarterly dividend paid (either in cash or stock) for its 6.75% Series A perpetual convertible preferred stock. The board "intends to reassess its dividend policy on an ongoing basis."
- Shares are down 12.9% after hours to $1.56. They rose 19.3% in regular trading amid a WSJ report stating bankers are balking at providing committed loans to finance SunEdison's planned acquisition of Vivint Solar. They tumbled yesterday following news SunEdison is delaying its 10-K filing and is seeing an Audit Committee probe related to issues raised by current and former employees.
Wed, Mar. 2, 3:42 PM
- According to Dow Jones, bankers have told SunEdison (SUNE +26%) they won't fund the loan necessary for its takeover of Vivint Solar (VSLR -23.3%).
- TERP +5%
- Previously: SunEdison has rough day, TerraForm doesn't as Tepper pushes for speedy trial (Feb. 29)
Tue, Mar. 1, 9:19 AM