SpaceX to purchase USD 75m of additional SolarCity bonds

At SolarCity. Author: Steve Jurvetson. License: Creative Commons, Attribution 2.0 Generic.

June 13 (SeeNews) - US rooftop solar company SolarCity Corp (NASDAQ:SCTY) on Friday launched an offer to sell USD 95 million (EUR 84m) worth of solar bonds, with an expected participation from SpaceX.

SolarCity anticipates that Space Exploration Technologies Corp (SpaceX) will buy about USD 75 million of the offered 4.40% Solar Bonds, Series 2016/11-1, that mature on June 10, 2017. The company is offering USD 90 million of this series and USD 5 million of the 5.25% Solar Bonds, Series 2016/12-5, that are due on June 10, 2021.

The bonds will be issued under SolarCity’s previously announced Solar Bond Program. In March, it was announced that SpaceX was to purchase about USD 90 million in 4.4%, three-year bonds.

Business magnate Elon Musk is involved in both companies. He is the chairman of SolarCity’s board of directors and serves as the CEO, chief designer and chairman of SpaceX, in which it is also a significant stockholder. Several other SolarCity executives, including CEO Lyndon Rive, hold SpaceX stock, as well.

(USD 1.0 = EUR 0.888)

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