By Susanna Moon
Chicago, Oct. 30 – Solar Mosaic, Inc. said it issued $307.5 million of solar loan securitization bonds in four tranches at a weighted average life of about 4.1 years with an all-in yield of 4.2%.
Deutsche Bank, BNP Paribas and Guggenheim Securities are the joint lead bookrunners.
The Mosaic Solar Loans 2017-2 issue drew more than $1.7 billion in investor orders and was then placed with 29 institutional investors based in the United States and Europe, according to a company news release.
The bonds are backed by an initial collateral pool of $275 million of loans with an average FICO score of 738.
An additional $75 million of loans may be purchased during the three-month supplemental purchase period.
The issuer said on Feb. 8, 2017 that it had closed the first securitization of its residential solar loan portfolio on Feb. 2, 2017, raising $138.95 million. It was the first securitization of consumer loans secured by Mosaic’s residential rooftop solar systems.
Mosaic provides solar energy financing and is based in Oakland, Calif.
Issuer: | Solar Mosaic, Inc.
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Issue: | Mosaic Solar Loans 2017-2
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Amount: | $307.5 million
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Maturity: | 4.1 years average
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Yield: | 4.2% all in
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Bookrunners: | Deutsche Bank, BNP Paribas and Guggenheim Securities
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Co-manager: | DZ Financial Markets
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Structuring agent: | Deutsche Bank
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Pricing date: | Oct. 30
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Ratings: | Kroll Bond Rating Agency: A to BB+
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