SolarCity plans to price $175 million five-year convertible notes

By Rebecca Melvin

New York, June 18 - SolarCity Corp. plans to price $175 million of five-year convertible senior notes in a registered deal that is coming concurrently with a borrowed share offering.

There was no timing or talk on the deal as it was only registered, not officially launched, a syndicate source said.

Both the notes offering and the borrowed share offering are being marketed through Goldman Sachs & Co., Credit Suisse Securities (USA) LLC and BofA Merrill Lynch.

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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