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Knighthead Capital Boosts Investment In Terraform Global Inc. (GLBL)

Published on December 28, 2016 at 2:23 pm by Insider Monkey Staff in Hedge Funds, News
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Tom Wagner and Ara Cohen‘s Knighthead Capital, has stepped up their interest in TerraForm Global Inc (NASDAQ:GLBL), one of SunEdison’s subsidiaries. As reported in a recently amended filing with the Securities and Exchange Commission, Knighthead Capital increased its holding to 7.28 million shares, from the 2.22 million shares it reported in its latest 13F filing. The fund’s current stake accounts for roughly 6.43% of TerraForm Global’s common stock and is activist by nature.

Sponsored by SunEdison, Inc, TerraForm Global Inc (NASDAQ:GLBL) owns and operates clean energy power plants around the world, which have a combined capacity of 917 megawatts (MW). With their parent currently under chapter 11 bankruptcy protection, TerraForm Global and its sister company TerraForm Power Inc (NASDAQ:TERP) are looking to sell themselves, but are also preparing to run as independent companies. On December 23, TerraForm Global reported fiscal first quarter results, posting a net loss of $4.6 million. The company registered $47.7 million in revenue and an adjusted loss of $0.12 per share. The stock is currently trading around the $4 level, down 28% for the year.

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TerraForm Global Inc (NASDAQ:GLBL) is not a very popular stock among the hedge funds followed by Insider Monkey. At the end of the 2016 third quarter, the stock could be found in the equity portfolios of 15 funds, down from 16 registered a quarter before. Together these funds held approximately 19.1% of the company’s common stock. Quentec Asset Management, led by Ken Hahn, held the largest stake among the funds we follow. According to its latest 13F filing, Quentec’s position amounted to 6.03 million shares valued at $24.8 million. Jonathan Barrett and Paul Segal‘s Luminus Management also held a significant position, having amassed 5.11 million shares worth $21 million at the end of September.

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
Knighthead Capital Management 0 7,280,000 0 7,280,000 7,280,000 6.43%
Thomas A. Wagner 0 7,280,000 0 7,280,000 7,280,000 6.43%
Ara D. Cohen 0 7,280,000 0 7,280,000 7,280,000 6.43%

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Page 1 of 11 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.  )*
TerraForm Global, Inc.
(Name of Issuer)
Class A Common Stock, par value $0.01 per share
(Title of Class of Securities)
88104M101
(CUSIP Number)
Thomas Wagner
Knighthead Capital Management, LLC
1140 Avenue of the Americas, 12th Floor
New York, NY 10036
(212) 356-2900
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 16, 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 the disclosures provided in a prior cover page.
The information required in 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 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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