By Lisa Kerner
Charlotte, N.C., Nov. 13 - SolarCity Corp. announced that subsidiary SolarCity LMC Series I, LLC priced its private placement offer of $54.43 million of 4.8% solar asset-backed notes, series 2013-1, due December 2026 on Wednesday.
The sale is expected to close on Nov. 21.
The notes will be secured by, and payable solely from the cash generated 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 were sold under Rule 144A.
SolarCity is a San Mateo, Calif.-based provider of clean distributed energy.
Issuer: | SolarCity LMC Series I, LLC
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Issue: | Solar asset-backed notes, series 2013-1
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Amount: | $54,425,000
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Maturity: | Dec. 21, 2026
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Coupon: | 4.8%
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Settlement: | Nov. 21
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Distribution: | Rule 144A
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