New York, Nov. 28 – SunStrong Capital Holdings, LLC closed a $400 million issue of solar asset-backed notes, series 2018-1 with a 5.68% coupon, according to a news release.
The notes’ anticipated repayment date is November 2028.
Security for the notes is member interests owned by SunStrong Issuer in indirectly owned subsidiary project companies, which own more than 37,500 residential solar leases originated by SunPower Corp.
Proceeds will be used to refinance existing debt associated with the residential lease portfolio.
SunPower carried out the transaction as part of its effort to deconsolidate its leveraged residential lease portfolio with the aim of simplifying and delivering its balance sheet.
SunStrong is a joint venture between San Jose, Calif.-based sustainable energy company SunPower and Annapolis, Md.-based Hannon Armstrong Sustainable Infrastructure Capital, Inc., a provider of capital for efforts to reduce the impact of climate change.
| Issuer: | SunStrong 2018-1 Issuer, LLC (SunStrong Capital Holdings, LLC)
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| Issue: | Solar asset-backed notes, series 2018-1
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| Amount: | $400 million
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| Expected maturity: | November 2028
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| Final maturity: | November 2048
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| Coupon: | 5.68%
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| Ratings: | KBRA: A(sf)
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| Moody’s: GB1
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| Distribution: | Rule 144A
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| Announcement date: | Nov. 28
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