By Paul A. Harris
Portland, Ore., Aug. 10 – Sunnova Energy Corp. priced an upsized $400 million issue of 5 7/8% five-year green senior notes (B1/B-) at 98.75 to yield 6.164% on Tuesday, according to market sources.
The issue size increased from $350 million.
The yield came tighter than the 6¼% to 6½% yield talk. Initial guidance was in the low-to-mid 6% area.
The bonds traded up 1½ points to 2 points in active Tuesday afternoon trading, a bond trader said.
Left bookrunner BofA Securities, Inc. was the green structuring agent. Joint bookrunners were J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC.
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.
| Issuer: | Sunnova Energy Corp.
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| Amount: | $400 million, increased from $350 million
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| Maturity: | Sept. 1, 2026
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| Securities: | Green senior notes
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| Left bookrunner: | BofA Securities Inc.
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| Joint bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC
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| Co-managers: | Capital One Securities Inc., KeyBanc Capital Markets Inc., Piper Sandler Co., Popular and Raymond James & Assocates
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| Green structuring agent: | BofA Securities Inc.
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| Coupon: | 5 7/8%
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| Price: | 98.75
|
| Yield: | 6.164%
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| First call: | Sept. 1, 2023 at 102.938
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| Trade date: | Aug. 10
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| Settlement date: | Aug. 17
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| Ratings: | Moody's: B1
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| S&P: B-
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| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% to 6½%
|
| Marketing: | Roadshow
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