By Lisa Kerner
Charlotte, N.C., March 9 – SolarCity Corp. announced it agreed to issue and sell up to $100 million of its solar bonds through Incapital LLC from March 9 through March 16.
Under the joint venture, investors will be able to purchase solar bonds for as little as $1,000, with maturities ranging from one year to 15 years, according to form 8-K filed with the Securities and Exchange Commission.
The bonds will be issued as
• 1.6% solar bonds, series 2015/C1-1, due March 19, 2016;
• 2.6% solar bonds, series 2015/C2-3, due March 19, 2018;
• 3.6% solar bonds, series 2015/C3-5, due March 19, 2020;
• 4.7% solar bonds, series 2015/C4-10, due March 19, 2025; and
• 5.45% solar bonds, series 2015/C5-15, due March 19, 2030.
Amounts were not detailed in the preliminary pricing supplements filed with the SEC.
Solar bond program offer
The company also announced it will issue the following bonds directly under its solar bond program:
• $10 million of 4% solar bonds, series 2015/5-5, due March 9, 2020;
• $10 million of 5% solar bonds, series 2015/6-10, due March 9, 2025; and
• $10 million of 5.75% solar bonds, series 2015/7-15, due March 9, 2030.
The offer period for the bonds began March 9 and will run through April 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.
Interest will be paid semiannually in arrears on Feb. 15 and Aug. 15, beginning on Aug. 15.
As previously reported, the company filed a registration statement with the Securities and Exchange Commission to initially issue up to $200 million of solar bonds. The company offered a series of bonds totaling $40 million in October.
As previously reported, SolarCity began an offer in January for $10 million of 2% solar bonds, series 2015/1-1, due 2016; $10 million of 2.5% solar bonds, series 2015/2-2, due 2017; $10 million of 3% solar bonds, series 2015/3-3, due 2018; and $10 million of 4% solar bonds, series 2015/4-7, due 2022.
The offer period for the bonds began Jan. 29 and also runs through April 30.
San Mateo, Calif.-based SolarCity provides clean energy and financial products based on clean energy.
| Issuer: | SolarCity Corp.
|
| Issue: | Solar bonds
|
| Amount: | Up to $100 million
|
| Coupons: | 1.6%, 2.6%, 3.6%, 4.7%, 5.45%
|
| Maturities: | One, three, five, 10 and 15 years
|
| Agent: | Incapital LLC
|
| Offering begins: | March 9
|
| Offering ends: | March 16
|
|
|
| Series 2015/5-5
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| Amount: | $10 million
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| Coupon: | 4%
|
| Maturity: | March 9, 2020
|
|
|
| Series 2015/6-10
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| Amount: | $10 million
|
| Coupon: | 5%
|
| Maturity: | March 9, 2025
|
|
|
| Series 2015/5-5
|
| Amount: | $10 million
|
| Coupon: | 5.75%
|
| Maturity: | March 9, 2030
|
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