Dividend Finance issues USD 235m of solar loan backed notes

Residential solar system. Author: David TREBOSC. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

July 15 (Renewables Now) - US consumer lender Dividend Finance LLC has issued nearly USD 235 million (EUR 208m) of asset-backed securities as part of its fourth residential solar loan securitisation, it announced on Friday.

More specifically, the renewables financier has issued USD 234.59 million worth of solar loan backed notes, Series 2019-1, with green bond designations from Sustainalytics. Including this transaction, the company has now issued over USD 570 million of solar loan-backed securities since October 2017.

Citigroup Global Markets Inc served as sole structuring agent and sole bookrunner while Credit Suisse Securities (USA) LLC and KeyBanc Capital Markets Inc were co-managers in the latest transaction.

“With twelve investors participating in our first broadly syndicated asset-backed transaction, and the increase in our solar warehouse capacity, Dividend remains at the forefront in building momentum and liquidity in residential solar,” commented Eric White, Dividend’s CEO.

Furthermore, in the second quarter of 2019 the company raised the funding capacity under its solar loan financing facilities with Citibank NA and Credit Suisse AG to USD 350 million, it said.

(USD 1.0 = EUR 0.886)

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