By Marisa Wong
Morgantown, W.Va., June 5 – Vivint Solar, Inc.’s wholly owned subsidiary, Vivint Solar Financing V, LLC, priced on Monday $400 million of solar asset-backed class A notes, series 2018-1, and $66 million of solar asset-backed class B notes, series 2018-1, according to an 8-K filing with the Securities and Exchange Commission.
The class A notes will have an interest rate of 4.73% and an anticipated repayment date of Oct. 30, 2028. The class B notes will have an interest rate of 7.37% and an anticipated repayment date of Oct. 30, 2028.
The notes will be secured by, and payable solely from the cash flow generated by, the membership interest that will be owned by Vivint Solar Financing V in some indirectly owned subsidiaries of Vivint Solar. Each of these subsidiaries is the managing member of a project company that is jointly owned with a third-party investor, and each project company owns a pool of photovoltaic systems and related leases and power purchase agreements and ancillary rights and agreements that were originated by a wholly owned subsidiary of Vivint Solar.
The notes will not be insured or guaranteed by Vivint Solar.
The Rule 144A and Regulation S sale is expected to close on June 11.
Vivint Solar is a Lehi, Utah-based provider of residential solar systems.
| Issuer: | Vivint Solar Financing V, LLC
|
| Issue: | Solar asset-backed notes, series 2018-1
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| Amount: | $466 million
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| Pricing date: | June 4
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| Settlement date: | June 11
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| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
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| Amount: | $400 million
|
| Maturity: | Oct. 30, 2028
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| Coupon: | 4.73%
|
|
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| Class B notes
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| Amount: | $66 million
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| Maturity: | Oct. 30, 2028
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| Coupon: | 7.37%
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