By Lisa Kerner
Charlotte, N.C., Aug. 13 – SolarCity Corp. completed the previously announced placement of its $123.5 million of solar asset-backed notes.
The notes were offered to qualified institutional buyers in the United States and consisted 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.
Kroll’s rated the class A notes A and the class B notes BBB, according to a news release.
BofA Merrill Lynch and Credit Suisse Securities (USA) LLC were joint managers. Apto Partners was a co-manager.
San Mateo, Calif.-based SolarCity provides clean energy and financial products based on clean energy.
| Issuer: | SolarCity Corp.
|
| Issue: | Solar asset-backed notes
|
| Amount: | $123.5 million
|
| Joint managers: | BofA Merrill Lynch and Credit Suisse Securities (USA) LLC
|
| Co-manager: | Apto Partners
|
| 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
|
| Rating: | Kroll: A
|
|
|
| Class B notes
|
| Amount: | $20 million
|
| Coupon: | 5.58%
|
| Maturity: | Feb. 21, 2022
|
| Rating: | Kroll: BBB
|
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