SolarCity lifts five-year convertible note offering to $125 million

By Rebecca Melvin

New York, Oct. 11 - SolarCity Corp. plans to price $125 million of five-year convertible senior notes in a registered deal, according to a syndicate source.

The deal had been expected to be $100 million in size.

There was still no timing or talk on the deal, which has been registered for several months.

The bonds are non-callable and have takeover protection.

Both the notes and the borrowed share offering coming concurrently with the note offering are being marketed through Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and J.P. Morgan Securities LLC.

As previously reported, the company plans to lend up to 2.8 million shares of common stock to Goldman Sachs Financial Markets LP under the share lending agreement. The company will receive no proceeds from the borrowed shares offering.

Proceeds are intended for general corporate purposes, which includes working capital, capital expenditures, potential acquisitions and strategic transactions.

SolarCity is a San Mateo, Calif., provider of clean distributed energy.

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