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BAM - Surprise Share Offering By TerraForm Power Upsets The Market
Brookfield Asset Management Inc.
On Friday, TerraForm Power (TERP) announced that it would issue shares to fund working capital as well as ‘general corporate purposes’. Though clearly the market wasn’t happy, sending the stock down. Also, aside from the 5% decline in the stock the day prior to announcement, there were no signs that this issue was about to happen. Investors are left with questions that I will try to answer in this article. First of all: what do they need the money for? Second: how does the money they raise affect the company’s multiples?