By Lisa Kerner
Charlotte, N.C., Oct. 15 – SolarCity Corp. announced it launched the United States’ first registered public offering of solar bonds on Wednesday.
The company filed a registration statement with the Securities and Exchange Commission to initially issue up to $200 million of solar bonds.
SolarCity also launched a new online investment site (solarbonds.solarcity.com) to make the bonds available directly to consumers.
The company is offering $40 million of solar bonds as follows:
• $10 million of 2% solar bonds, series 2014/1-1, due 2015;
• $10 million of 2.5% solar bonds, series 2014/2-2, due 2016;
• $10 million of 3% solar bonds, series 2014/3-3, due 2017; and
• $10 million of 4% solar bonds, series 2014/4-7, due 2021.
The offer period for the bonds began Wednesday and will run through Jan. 30 unless otherwise terminated or all of the bonds are sold, according to SEC filings. Bonds will be issued in denominations of $1,000 and multiples of $1,000.
Earnings on the solar bonds are to be paid by income received from monthly solar payments made by thousands of homeowners, schools, businesses and government organizations, according to a company news release.
San Mateo, Calif.-based SolarCity provides clean energy and financial products based on clean energy.
| Issuer: | SolarCity Corp.
|
| Issue: | Solar bonds
|
| Amount: | $40 million
|
| Offering period: | Oct. 15 to Jan. 30
|
|
|
| Series 2014/1-1 bonds
|
| Amount: | $10 million
|
| Coupon: | 2%
|
| Maturity: | Oct. 15, 2015
|
|
|
| Series 2014/2-2 bonds
|
| Amount: | $10 million
|
| Coupon: | 2.5%
|
| Maturity: | Oct. 15, 2016
|
|
|
| Series 2014/3-3 bonds
|
| Amount: | $10 million
|
| Coupon: | 3%
|
| Maturity: | Oct. 15, 2017
|
|
|
| Series 2014/4-7 bonds
|
| Amount: | $10 million
|
| Coupon: | 4%
|
| Maturity: | Oct. 15, 2021
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
