Sunnova talks $400 million green notes due 2028 at 12½% area yield including 2-3 points OID

By Paul A. Harris

Portland, Ore., Sept. 22 – Sunnova Energy Corp. talked its $400 million offering of senior green bullet notes due 2028 (B1//B) to yield in the 12½% area, including 2 points to 3 points of original issue discount, according to market sources.

Official talk comes on top of initial guidance.

The Rule 144A and Regulation S deal is expected to price on Friday.

The five-year notes have a bullet structure. They become subject to a par call six months prior to maturity.

J.P. Morgan Securities LLC, RBC Capital Markets LLC, BofA Securities Inc., Citigroup Global Markets Inc. and ING Financial Markets LLC are the joint bookrunners.

KeyBanc Capital Markets Inc., Pickering, Raymond James & Associates and Truist Securities Inc. are the co-managers.

The Houston-based residential solar energy company plans to use the proceeds to finance or refinance existing or new eligible green projects.

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