New Issue: Topaz Solar sells $250 million notes due 2039 at par to yield 4.875%

By Andrea Heisinger

New York, April 10 - Topaz Solar Farms LLC priced $250 million series B senior secured notes due 2039 (Baa2/BBB/BBB) on Wednesday at par to yield 4.875%, a source close to the sale said.

The notes were sold at a spread of Treasuries plus 308.2 basis points. There is a make-whole call at Treasuries plus 50 bps.

The average life of the bonds is about 14 years.

Pricing was done under Rule 144A and Regulation S.

Barclays, Citigroup Global Markets Inc. and RBS Securities Inc. were the bookrunners.

The unit of First Solar, Inc. is based in Tempe, Ariz.

Issuer:	Topaz Solar Farms LLC
Issue:	Series B senior secured notes
Amount:	$250 million
Maturity:	Sept. 30, 2039, average life of about 14 years
Bookrunners:	Barclays, Citigroup Global Markets Inc., RBS Securities Inc.
Co-managers:	Lloyds Securities, Inc., Mitsubishi UFJ Securities (USA) LLC, Mizuho Securities (USA) Inc., RBC Capital Markets LLC
Coupon:	4.875%
Price:	Par
Yield:	4.875%
Spread:	Treasuries plus 308.2 bps
Call:	Make-whole at Treasuries plus 50 bps
Distribution:	Rule 144A, Regulation S
Trade date:	April 10
Settlement date:	April 15
Ratings:	Moody's: Baa2
	Standard & Poor's: BBB
	Fitch: BBB

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