SolarCity obtains $79 million six-month term loan via BofA

By Toni Weeks

San Luis Obispo, Calif., April 6 – SolarCity Corp. entered into a term loan financing on March 31 that allows borrowings of up to $79 million and matures on Sept. 30, 2015, according to an 8-K filing with the Securities and Exchange Commission.

Bank of America, NA is lender, administrative agent and collateral agent.

Borrowings bear interest at Libor plus 350 basis points.

SolarCity may voluntarily repay any outstanding amounts at any time without premium or penalty. Prepayments will be mandatory under certain circumstances.

San Mateo, Calif.-based SolarCity provides clean energy and financial products based on clean energy.

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