Rooftop solar system. Author: Martin Abegglen. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
US residential solar firm SolarCity Corp (NASDAQ:SCTY) on Friday priced its previously announced private placement of USD 123.5 million (EUR 112.6m) worth of solar asset backed notes.
The company’s fully-owned subsidiary SolarCity LMC Series IV LLC is offering USD 103.5 million aggregate principal amount of senior Class A Notes with an interest rate of 4.18% along with junior Class B Notes worth a total of USD 20 million and with an interest rate of 5.58%. Both classes of notes are due on February 21, 2022.
The notes are being offered to qualified institutional buyers in the US and to certain persons outside the country. The transaction is expected to close on August 13, 2015.
Also last week, SolarCity announced an agreement to buy commercial and industrial solar developer Ilioss in a drive to extend its activities to Mexico.