SunEdison Inc. dropped the most in 14 years after announcing deals that improve its balance sheet, at terms that two analysts said are costly.
The shares plunged 39 percent to $3.34 at the close in New York, the most since September 2001. In a series of transactions announced Thursday, the world’s biggest clean-energy developer agreed to take on about $950 million in debt and will issue 39.8 million new shares, to extinguish $580.1 million in convertible debt and $158.3 million in preferred stock. It will also pay the remaining $170 million of an existing credit facility.
Read more: Bloomberg