David Tepper‘s Appaloosa Management, along with Brookfield Asset Management Inc (NYSE:BAM), have set their eyes on Terraform Power Inc. (NASDAQ:TERP), having teamed up to bid for Sunedison Inc (OTCMKTS:SUNEQ)‘s controlling stake in the company. According to a recently amended filing with the Securities and Exchange Commission, Appaloosa currently holds some 8.71 million shares of Terraform or 9.54% of the company’s Class A stock. Brookfield Asset Management holds about 11.1 million shares and has entered into a swap agreement for another 11.6 million shares, thus giving the entire group economic exposure to roughly 34.4% of Terraform’s Class A stock.
Terraform Power Inc. (NASDAQ:TERP) was established by SunEdison Inc to acquire the clean-energy assets it built in developed markets: those being the United States, Canada, the United Kingdom and Chile. Its sister company, TerraForm Global Inc (NASDAQ:GLBL), holds clean-energy assets in developing markets. On Friday, SunEdison Inc. and TerraForm Global announced a joint effort to sell SunEdison’s Class B shares that offer voting rights. The renewable-energy giant, which filed for bankruptcy earlier this year, holds roughly $1 billion worth of Terraform Power and TerraForm Global shares, according to Greg Jones, an analyst at CreditSights Inc. Although it made no announcement regarding its plans for Terraform Power, SunEdison is expected to unwind this position as well, as it has more than $16 billion in debt.
At the end of the first quarter, nearly 30% of Terraform Power Inc. (NASDAQ:TERP)’s common stock was held by 29 hedge funds in our system, up from 24 recorded a quarter earlier. Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital held the largest stake among those 29 funds, a position of 9.17 million shares, unchanged during the first quarter. Phill Gross and Robert Atchinson’s Adage Capital Management was just behind with a holding of 7.4 million shares on March 31.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Appaloosa Investment Limited Partnership I | 3,724,799 | 3,724,799 | 3,724,799 | 4.08% | ||
| Palomino Master Ltd | 4,983,909 | 4,983,909 | 4,983,909 | 5.46% | ||
| Appaloosa | 8,708,708 | 8,708,708 | 8,708,708 | 9.54% | ||
| Appaloosa Capital Inc | 8,708,708 | 8,708,708 | 8,708,708 | 9.54% | ||
| Appaloosa Management | 3,724,799 | 3,724,799 | 3,724,799 | 4.08% | ||
| Appaloosa Partners Inc | 3,724,799 | 3,724,799 | 3,724,799 | 4.08% | ||
| David A. Tepper | 8,708,708 | 8,708,708 | 8,708,708 | 9.54% |
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Page 1 of 16 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON,
D.C. 20549
_________________________
SCHEDULE
13D (Rule 13d-101)
INFORMATION
TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE
13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. 6 )*
| TERRAFORM POWER, INC. | ||||
| (Name of Issuer) | ||||
| Class A Common Stock, $0.01 par value | ||||
| (Title of Class of Securities) | ||||
| 88104R100 | ||||
| (CUSIP Number) | ||||
| Ken Maiman Appaloosa 51 John F. Kennedy Short Hills, New Jersey Tel. No.: (973) 701-7000 | with a copy to: Lawrence M. Rolnick, Esq. Steven E. Siesser, Esq. Lowenstein Sandler LLP 1251 Avenue of the Americas, 17th Floor New York, New York 10020 | |||
| (Name, Authorized to Receive Notices and Communications) | ||||
| July 22, 2016 | ||||
| (Date of Event Which Requires Filing of this Statement) | ||||
If
the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.
[ ]
Note: Schedules filed in paper format
shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom
copies are to be sent.
*The remainder of this cover page shall be
filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of
this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934
(“Exchange Act”) or otherwise subject to the liabilities of that section of the Exchange Act but shall be subject to
all other provisions of the Exchange Act (however, see the Notes).
