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TerraForm Global drops 6.7 percent in first trading day

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TerraForm drops in IPO • Newly issued shares of TerraForm Global Inc., a yieldco unit belonging to SunEdison Inc., dropped 6.7 percent in its first day of trading on the Nasdaq.

Trading under the ticker GLBL, 45 million Class A shares in the Bethesda, Md.-based company were sold at an initial public offering price of $15. The shares lost $1 to close Friday at $14.

Last week, the company said it expected the IPO price to be between $19 to $21 per share.

Maryland Heights-based SunEdison said Friday's IPO raised $675 million in gross proceeds; underwriters have an option to purchase an additional 6,750,000 shares in the next 30 days.

Under a yieldco structure, SunEdison sells power projects to the unit, which then uses the electricity sales from the power plants to pay investors dividends. SunEdison will continue to control it after the offering. TerraForm Power Inc., SunEdison’s first yieldco, raised about $502.5 million in its IPO last July.

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