Sunrun unit amends facility to lower interest, increase commitments

By Sarah Lizee

Olympia, Wash., July 2 – Sunrun Inc.’s wholly owned subsidiary amended its syndicated senior secured credit facility on Friday, to reduce the interest rate, reopen the availability period, increase the maximum advance rate and increase term loan and letter-of-credit facility commitments, according to an 8-K filing with the Securities and Exchange Commission.

The facility, which had an initial balance of $234.5 million, is non-recourse to Sunrun and is secured by net cash flows from power purchase agreements and leases available to the borrower after distributions to tax equity investors and payment of operating, maintenance and other expenses, and matures on Oct. 20, 2024.

The amendments included

• Reducing the interest rate for the period from June 28 until Oct. 31, 2021 to Libor plus 212.5 basis points. It was previously Libor plus 275 bps through Oct. 31, 2021 and Libor plus 300 onwards;

• Reopening the availability period for a period from June 28 to Dec. 31;

• Subject to the occurrence of a borrowing during the new availability period, increasing the maximum advance rate to 72% of the borrowing base from 68%; and

• Increasing total loan commitments available by $16 million to $250.5 million and increasing the total letter-of-credit facility commitments by $2.5 million to $12.5 million.

Sunrun is a San Francisco-based residential solar company.

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