By Lisa Kerner
Charlotte, N.C., March 30 – SolarCity Corp. announced the sale of up to $93 million of its 2% solar bonds, series 2015/8-1, due 2016.
The bonds will be sold beginning on March 30 and ending April 30 through the company’s previously announced solar bond program.
Space Exploration Technologies Corp. is expected to purchase $90 million of the bonds. SolarCity chairman Elon Musk is the chief executive officer, chief designer, chairman and a significant stockholder of SpaceX, according to a form 8-K filed with the Securities and Exchange Commission.
The bonds will be senior unsecured obligations of SolarCity and 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, 2015.
Settlement is expected to take place one business day after an investor successfully places a purchase order for the series 2015/8-1 bonds, according to an SEC filing.
More bonds through Incapital
SolarCity also announced the issue of a series of solar bonds to be sold through Incapital LLC from March 30 through April 6.
The bonds will be issued as follows, according to an SEC filing:
• 1.6% solar bonds, series 2015/C16-1, due April 9, 2016;
• 2.65% solar bonds, series 2015/C17-3, due April 9, 2018;
• 3.6% solar bonds, series 2015/C18-5, due April 9, 2020;
• 4.7% solar bonds, series 2015/C19-10, due April 9, 2025; and
• 5.45% solar bonds, series 2015/C20-15, due April 9, 2030.
Settlement is expected to occur on April 9.
Interest will be paid semiannually in arrears on Feb. 15 and Aug. 15, beginning on Aug. 15, 2015.
Proceeds will be used for working capital and other general corporate purposes, including the financing of additional solar installations and/or financing potential acquisitions and strategic transactions, according to the preliminary pricing supplement.
San Mateo, Calif.-based SolarCity provides clean energy and financial products based on clean energy.
| Issuer: | SolarCity Corp.
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| Issue: | Solar bonds series 2015/8-1
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| Amount: | $93 million (maximum)
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| Coupon: | 2%
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| Maturity: | March 30, 2016
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| Purchaser: | Space Exploration Technologies Corp.
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| Offering begins: | March 30
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| Offering ends: | April 30
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| Additional bonds
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| Coupons: | 1.6%, 2.65%, 3.6%, 4.7%, 5.45%
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| Maturities: | One, three, five, 10 and 15 years
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| Agent: | Incapital LLC
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| Offering begins: | March 30
|
| Offering ends: | April 6
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| Settlement: | April 9
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