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Sunnova Energy talks $350 million five-year green notes at 6¼%-6½%; pricing Tuesday
By Paul A. Harris
Portland, Ore., Aug. 10 – Sunnova Energy Corp. talked its $350 million offering of five-year green senior notes (B1/B-) to yield 6¼% to 6½%, in line with initial guidance in the low-to-mid 6% area, according to market sources.
Books close at 3:30 p.m. ET on Tuesday, and the deal is set to price thereafter.
Left bookrunner BofA Securities, Inc. is the green structuring agent. J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC are the joint bookrunners.
The Rule 144A for life notes become callable after two years at par plus 50% of the coupon.
The Houston-based provider of residential solar, battery storage and system protection services plans to use the proceeds to finance or refinance new or existing eligible green projects.
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