By Lisa Kerner
Charlotte, N.C., Sept. 11 – SolarCity Corp. priced $50 million of redeemable solar bonds that it will offer and sell through its online platform, solarbonds.solarcity.com.
The bonds will be offered on a continuous basis, have no stated maturity and will pay a variable interest rate that is subject to change, according to a 424B5 filing with the Securities and Exchange Commission.
The bonds to be sold are
• $10 million of series 2015/RI solar bonds with an initial interest rate of 1.1% and a minimum investment of $1,000;
• $10 million of series 2015/R2 solar bonds with an initial interest rate of 1.25% and a minimum investment of $10,000; and
• $30 million of series 2015/R3 solar bonds with an initial interest rate of 1.4% and a minimum investment of $100,000.
The bonds are putable and callable at par.
Proceeds will be used for working capital and general corporate purposes, including capital expenditures, potential acquisitions and strategic transactions.
Interest on the bonds will be paid quarterly in arrears on the first day of each quarter to holders of record as of the 15th day of the last month in the immediately preceding quarter.
San Mateo, Calif.-based SolarCity provides clean energy and financial products based on clean energy.
| Issuer: | SolarCity Corp.
|
| Issue: | Redeemable solar bonds
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| Amount: | $50 million
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| Put option: | At par
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| Call option: | At par
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| Pricing date: | Sept. 11
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| Series 2015/R1
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| Amount: | $10 million
|
| Initial rate: | 1.1%
|
| Investment: | Minimum $1,000; maximum $10 million
|
|
|
| Series 2015/R2
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| Amount: | $10 million
|
| Initial rate: | 1.25%
|
| Investment: | Minimum $10,000; maximum $10 million
|
|
|
| Series 2015/R3
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| Amount: | $30 million
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| Initial rate: | 1.4%
|
| Investment: | Minimum $100,000; maximum $10 million
|
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