odyd

TerraForm Global (GLBL)

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Exclusive to brookfield it means just some details to solve.

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What is interesting for me is not only the price, but also the details of the settlement between SUNEQ and GLBL. As SUNEQ would receive 25% of the total price, and the rest would be distributed to common shareholders. How many shares do they have more than 25%?

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Can someone explain this I see TERP dropping hard

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Does anyone of you know how many class A and B shares of TERP and GLBL SUNEQ hold?

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Just sold GLBL at $4.40 - will use profits to sprinkle into other yieldcos who are already paying dividends.  Still have TERP, waiting to see how that shakes out.  I believe it is going down as the outright buyout offer was $11.50 and the exclusive deal means nothing larger coming from Tepper, etc. 

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1 hour ago, slowtrader said:

With TERP it's the same, but there they would receive 36,9%.

from BK-Filing:

SunEdison holds a total of 48,202,310 Class B shares of TERP and 48,202,310 Class B units19 of Power LLC.20 Pursuant to the limited liability company agreement of Power LLC, SunEdison is also entitled to certain incentive distribution rights (“IDRs”).21 SunEdison’s position represents 100% of the Class B shares of TERP and Class B units of Power LLC outstanding. In the aggregate, SunEdison holds approximately 35% of the economic interests and 84% of the voting interests in TERP, with the securities held indirectly through two SunEdison subsidiaries – SunEdison Holdings Corporation and SUNE ML 1, LLC. As of the Petition Date, TERP had 91,280,208 Class A shares outstanding, all of which are publicly tradable shares and represent approximately 65% of the economic interests of TERP

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1 hour ago, slowtrader said:

What is interesting for me is not only the price, but also the details of the settlement between SUNEQ and GLBL. As SUNEQ would receive 25% of the total price, and the rest would be distributed to common shareholders. How many shares do they have more than 25%?

From BK-Filing:

SunEdison holds a total of 61,343,054 Class B shares of GLBL and 61,343,054 Class B units24 of Global LLC.25 SunEdison’s position represents 100% of the Class B shares of GLBL and Class B units of Global LLC outstanding.26 In the aggregate, SunEdison holds approximately 36% of the economic interests and 98% of the voting interests in GLBL, with the securities held indirectly through a subsidiary, SunEdison Holdings Corporation. As of the Petition Date, GLBL had 116,710,351 Class A shares outstanding, all of which are publicly tradable shares and represent approximately 64% of the economic interests of GLBL. 

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So with TERP common will get about that Brookfield will pay, but with GLBL they should get about 11% of 100 more -> 11/64=17% more than the offer, this could be some compensation for undelivered projects, which would be about $5/share. This should be the reason, why TERP is down and GLBL is up.

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Based on the 8k, it looks like the shareholder of GLBL will receive between 1.5 to 1.75 on top of the buyout offer from BAM. From seekingalpha -  aventeren .

" Okay, 75% of the B shares would be 75% * 61M shares = 46,007,290.5 shares. If there are currently 113,206,700 A shares, that means A shareholders would receive the equivalent of 46,007,290.5 shares / 113,206,700 shares = 0.406 shares. If the offer price were $4.15, then A shareholders would receive a 0.406 shares * $4.15/share = $1.6849/share; 0.406 shares * $4.25/share = $1.7255/share; 0.406 shares * $4.35/share = $1.7661/share; etc. So this "allocate 75% of B shares to A shareholders" clause would mean something like $1.68-ish to $1.80-ish in additional value for A shareholders. Is my math right? I'm just noodling here. "

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