Jul 25, 2014 - US solar installer SolarCity Corp (NASDAQ:SCTY) said today a fully-owned unit is offering USD 201.5 million (EUR 150m) worth of solar asset-backed notes, divided in two classes.
SolarCity explained that these notes, priced on July 24, will be secured by and payable solely from the cash generated by photovoltaic (PV) systems owned by the issuer, SolarCity LMC Series III LP. The USD 160 million of senior class notes in the offering will have an interest rate of 4.026%. The junior class notes of USD 41.5 million will bear an interest of 5.45%. Both note classes mature on July 20, 2022.
The sale, which represents SolarCity’s third offering of asset-backed securities, is seen to close on July 31, 2014.
The notes will not be insured or guaranteed by parent SolarCity Corp.