SolarCity greenshoe exercise lifts 2.75% convertibles to $230 million

By Tali David

Minneapolis, Oct. 21 - SolarCity Corp. said the over-allotment options on its 2.75% convertible senior notes due 2018 and common stock offerings were fully exercised, increasing the convertibles by $30 million and the stock by 510,000 shares, according to a press release.

The company priced an upsized $200 million of the five-year convertibles at par with an initial conversion premium of 32.5% and offered 3.4 million shares of common stock at $46.54 per share on Oct. 16. The issue size of the convertibles is now $230 million.

Goldman Sachs & Co., Credit Suisse Securities (USA) LLC and BofA Merrill Lynch were the joint lead managers, and J.P. Morgan Securities LLC was a co-manager.

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

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

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