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Sunnova Energy amends credit agreement, increases commitment
By Taylor Fox
New York, Oct. 30 – Sunnova Energy International Inc.’s wholly owned subsidiary entered into an eighth amendment to amend its credit agreement, according to an 8-K filing with the Securities and Exchange Commission.
The amendments include:
• Increasing the total commitment amount to $460.7 million from $437.5 million;
• Increasing the maximum facility amount to $600 million from $437.5 million;
• Decreasing the interest rate applicable to class A loans by 25 basis points;
• Require that the class A lenders fund requested advances as a condition to the class B lenders making an advance on any funding date;
• Require the borrower to pay a commitment fee of 1% of the increase of class B commitment;
• Revise the additional payment to be made to class B lenders on the maturity date if they have not achieved a certain return in connection with the increase in the class B-I commitment; and
• Specify that the borrower may transfer or distribute the equity interest in the managing member of a tax equity facility, pursuant to an otherwise permissible takeout transaction.
Credit Suisse AG, New York Branch is the agent.
Sunnova is a Houston-based solar energy company.
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