SunEdison stock plunges after deals to improve balance sheet

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


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