By Lisa Kerner
Charlotte, N.C., Aug. 10 – SolarCity Corp. priced a series of solar bonds totaling $25 million to be sold through Incapital LLC from Aug. 10 through Aug. 17.
The bonds will be issued as follows, according to a 424B5 filing with the Securities and Exchange Commission:
• $5 million of 1.6% solar bonds, series 2015/C78-1, due 2016;
• $5 million of 2.65% solar bonds, series 2015/C79-3, due 2018;
• $5 million of 3.6% solar bonds, series 2015/C80-5, due 2020;
• $5 million of 4.7% solar bonds, series 2015/C81-10, due 2025; and
• $5 million of 5.45% solar bonds, series 2015/C82-15, due 2030.
Settlement is expected to occur on Aug. 20.
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 filing.
Interest for all of the bonds will be paid semiannually in arrears on Feb. 15 and Aug. 15, beginning on Feb. 15.
San Mateo, Calif.-based SolarCity provides clean energy and financial products based on clean energy.
| Issuer: | SolarCity Corp.
|
| Issue: | Solar bonds
|
| Amount: | $25 million
|
| Price: | Par
|
| Agent: | Incapital LLC
|
| Offering begins: | Aug. 10
|
| Offering ends: | Aug. 17
|
| Settlement date: | Aug. 20
|
|
|
| Series 2015/C78-1
|
| Amount: | $5 million
|
| Maturity: | Aug. 20, 2016
|
| Coupon: | 1.6%
|
|
|
| Series 2015/C79-3
|
| Amount: | $5 million
|
| Maturity: | Aug. 20, 2018
|
| Coupon: | 2.65%
|
|
|
| Series 2015/C80-5
|
| Amount: | $5 million
|
| Maturity: | Aug. 20, 2020
|
| Coupon: | 3.6%
|
|
|
| Series 2015/C81-10
|
| Amount: | $5 million
|
| Maturity: | Aug. 20, 2025
|
| Coupon: | 4.7%
|
|
|
| Series 2015/C82-15
|
| Amount: | $5 million
|
| Maturity: | Aug. 20, 2030
|
| Coupon: | 5.45%
|
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