By Lisa Kerner
Charlotte, N.C., Nov. 4 - SolarCity Corp. announced that subsidiary SolarCity LMC Series I, LLC plans to offer $54.43 million of solar asset-backed notes, series 2013-1, due December 2026 in a private placement.
The notes will be secured by a pool of photovoltaic systems and related leases and power purchase agreements and ancillary rights and agreements that will be owned by SolarCity LMC Series I, according to a company news release.
SolarCity Corp. will not insure or guarantee the notes, which will be solely obligations of SolarCity LMC Series I.
The notes will not be registered under the Securities Act of 1933, as amended, or applicable state securities laws, and they may not be offered or sold in the United States except with an exemption from the registration requirements.
SolarCity is a San Mateo, Calif.-based provider of clean distributed energy.
| Issuer: | SolarCity LMC Series I, LLC
|
| Issue: | Solar asset-backed notes, series 2013-1
|
| Amount: | $54,425,000
|
| Maturity: | December 2026
|
| Distribution: | Private placement
|
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