By Lisa Kerner
Charlotte, N.C., Aug. 7 – SolarCity Corp. subsidiary SolarCity LMC Series IV, LLC priced two classes of solar asset-backed notes totaling $123.5 million on Friday.
The notes were offered to qualified institutional buyers in the United States and consist of
• $103.5 million of 4.18% class A notes due Feb. 21, 2022; and
• $20 million of 5.58% class B notes due Feb. 21, 2022.
Closing is expected to occur on Thursday.
The notes will be secured by, and payable solely from the cash flow generated by, the membership interests that will be owned by SolarCity LMC Series IV in certain indirectly owned subsidiaries of SolarCity Corp, according to a news release.
The securities have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements.
San Mateo, Calif.-based SolarCity provides clean energy and financial products based on clean energy.
| Issuer: | SolarCity LMC Series IV, LLC
|
| Issue: | Solar asset-backed notes
|
| Amount: | $123.5 million
|
| Distribution: | Private placement
|
| Pricing date: | Aug. 7
|
| Settlement date: | Aug. 13
|
|
|
| Class A notes
|
| Amount: | $103.5 million
|
| Coupon: | 4.18%
|
| Maturity: | Feb. 21, 2022
|
|
|
| Class B notes
|
| Amount: | $20 million
|
| Coupon: | 5.58%
|
| Maturity: | Feb. 21, 2022
|
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