By Lisa Kerner
Charlotte, N.C., May 26 – SolarCity Corp. priced a series of solar bonds to be sold through Incapital LLC from May 26 through June 8.
The bonds will be issued as follows, according to a filing with the Securities and Exchange Commission:
• $10 million of 2.65% solar bonds, series 2015/C42-3, due June 11, 2018;
• $10 million of 3.6% solar bonds, series 2015/C43-5, due June 11, 2020;
• $10 million of 4.7% solar bonds, series 2015/C44-10, due June 11, 2025; and
• $5 million of 5.45% solar bonds, series 2015/C45-15, due June 11, 2030.
Settlement is expected to occur on June 11.
Proceeds will be used for working capital and other general corporate purposes, including the financing of additional solar installations and/or financing potential acquisitions and strategic transactions, according to the filing.
SolarCity will also sell $1.5 million of 2% solar bonds, series 2015/15-1 due May 26, 2017. The offer period is from May 26 to July 31.
The 2% bonds will be sold in denominations of $1,000 and multiples of $1,000, according to a separate SEC filing.
Interest for all of the bonds will be paid semiannually in arrears on Feb. 15 and Aug. 15, beginning on Aug. 15.
San Mateo, Calif.-based SolarCity provides clean energy and financial products based on clean energy.
| Issuer: | SolarCity Corp.
|
| Issue: | Solar bonds
|
| Amount: | $36.5 million
|
| Agent: | Incapital LLC
|
| Offering begins: | May 26
|
| Offering ends: | June 8 (for $35 million); July 31 (for $1.5 million)
|
| Settlement: | June 11 (for series 2015/C bonds); 1 day after purchase order successfully placed for series 2015/15-1 bonds
|
|
|
| Series 2015/C42-3
|
| Amount: | $10 million
|
| Coupon: | 2.65%
|
| Maturity: | June 11, 2018
|
|
|
| Series 2015/C43-5
|
| Amount: | $10 million
|
| Coupon: | 3.6%
|
| Maturity: | June 11, 2020
|
|
|
| Series 2015/C44-10
|
| Amount: | $10 million
|
| Coupon: | 4.7%
|
| Maturity: | June 11, 2025
|
|
|
| Series 2015/C45-15
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| Amount: | $5 million
|
| Coupon: | 5.45%
|
| Maturity: | June 11, 2030
|
|
|
| Series 2015/15-1
|
| Amount: | $1.5 million
|
| Coupon: | 2%
|
| Maturity: | May 26, 2017
|
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