By Marisa Wong
Morgantown, W.Va., April 23 – Dividend Finance, LLC announced it closed its second residential solar loan securitization, $104,664,000 of solar loan-backed notes, series 2018-1.
The series 2018-1 securitization included $25.34 million of 2.61% class A notes, $66.4 million 4.29% class B notes, $6.6 million 5.14% class C notes and $6,324,000 6.39% notes, rated AA(sf), A(sf), BBB(sf) and BB(sf), respectively, by Kroll Bond Rating Agency, Inc.
The notes received green bond designations from Sustainalytics according to the standards of the International Capital Market Association.
“The success of the transaction, including its ‘Green Bond’ designation and the first ‘AA’ rated solar loan bond, further demonstrates the maturation of the residential solar loan asset class to the benefit of all stakeholders,” chief executive officer Eric White said in the press release.
Credit Suisse Securities (USA) LLC acted as structuring agent and bookrunner, while Citigroup Global Markets, Inc. acted as co-manager.
This is Dividend’s second securitization of its EmpowerLoan portfolio secured by residential solar energy systems. The company previously issued $128.95 million of solar loan-backed notes in October 2017.
Dividend is a provider of renewable energy and energy-efficiency financing solutions for property owners through a suite of residential solar, home improvement and PACE financing products. The company is based in San Francisco.
| Issuer: | Dividend Finance, LLC
|
| Issue: | Solar loan-backed notes, series 2018-1
|
| Amount: | $104,664,000
|
| Bookrunner: | Credit Suisse Securities (USA) LLC
|
| Co-manager: | Citigroup Global Markets, Inc.
|
| Announcement date: | April 23
|
|
|
| Class A notes
|
| Amount: | $25.34 million
|
| Coupon: | 2.61%
|
| Rating: | Kroll: AA(sf)
|
|
|
| Class B notes
|
| Amount: | $66.4 million
|
| Coupon: | 4.29%
|
| Rating: | Kroll: A(sf)
|
|
|
| Class C notes
|
| Amount: | $6.6 million
|
| Coupon: | 5.14%
|
| Rating: | Kroll: BBB(sf)
|
|
|
| Notes
|
| Amount: | $6,324,000
|
| Coupon: | 6.39%
|
| Rating: | Kroll: BB(sf)
|
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