Steven Cohen, SAC Capital’s Stake in SunEdison Surges

SAC Capital Advisors, a hedge fund managed by Steven Cohen, recently boosted its stake in Sunedison Inc (NYSE:SUNE). The hedge fund disclosed ownership of around 13.6 million shares, which in comparison to the most recent 13F filing of SAC, shows an addition of almost 13.1 million shares. In this way, the value of the current position of SAC in SunEdison amounts to $106.5 million, representing 5.1% of the company.

SAC Capital Advisors’ acquisition of more shares of SunEdison comes amid its recent announcement regarding a public offering of 30 million shares of common stock at a price of $7.25 per share. ” The underwriters have been granted a 30-day option to purchase up to an additional 4,500,000 shares of common stock from the Company, all at the offering price less the underwriting discount,” the company said in a statement. SunEdison recently closed a $212.5 million non-recourse debt financing agreement with IFC and Overseas Private Corporation, which will allow it to finance the building of its 100 MWp solar plant in Chile’s Atacama Desert, SunEdison said in a separate statement.

In addition to SAC Capital Advisors, Chuck Royce’s Royce & Associates disclosed ownership of 2.6 million shares last quarter. Some other hedge funds whose stakes are worth mentioning are: Joseph A. Jolson’s Harvest Capital Strategies with 2.5 million shares, and John A. Levin’s Levin Capital Strategies, which owns 1.2 million shares.

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