By Lisa Kerner
Charlotte, N.C., March 21 – SolarCity Corp. announced it will issue $100 million of 4.4% solar bonds, series 2016/9-1 due March 21, 2017 and $5 million of 5.25% solar bonds, series 2016/10-5 due March 21, 2021.
The bonds will be sold from March 21 until June 30, with a minimum investment amount of $1,000.
Interest for both series of bonds will be paid semiannually in arrears on Feb. 15 and Aug. 15, beginning on Aug. 15, 2016.
Space Exploration Technologies Corp. is expected to purchase $90 million of the 4.4% bonds, according to a 424B5 filing with the Securities and Exchange Commission.
SolarCity chairman Elon Musk is the chief executive officer, chairman and a significant stockholder of SpaceX.
SolarCity is a San Mateo, Calif. provider of clean energy.
| Issuer: | SolarCity Corp.
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| Issue: | Solar bonds
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| Offering begins: | March 21
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| Offering ends: | June 30
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| Series 2016/9-1
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| Amount: | $100 million
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| Coupon: | 4.4%
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| Maturity: | March 21, 2017
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| Purchaser: | Space Exploration Technologies Corp.
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| Series 2016/10-5
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| Amount: | $5 million
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| Coupon: | 5.25%
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| Maturity: | March 21, 2021
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