By Devika Patel
Knoxville, Tenn., Oct. 4 – New Energy Solar Fund and New Energy Solar Ltd. settled $62.5 million of 24-year 13% senior secured amortizing notes on Monday, according to a press release. The deal priced on Aug. 31.
Proceeds will be used to pursue the New Energy Solar investment strategy and for general corporate financing purposes.
“This was the business’ inaugural debt issue in the U.S., and we are very pleased with the strong interest New Energy Solar received from debt investors who were attracted to the portfolio of long-life solar assets with stable cash flows,” chief executive officer John Martin said in the press release.
“The U.S. private placement market offers attractive pricing and longer tenor than that available in the Australian market.
“This provides an opportunity to de-risk and diversify our sources of capital.
“While optimizing our financing structure, the notes also provide additional liquidity to fund New Energy Solar’s investment strategy and will allow for continued growth and diversity in the asset portfolio. We look forward to updating investors regarding future developments.”
The North Sydney, Australia, sustainable investment business is focused on investing in large-scale, cash flow-producing solar power stations that generate emissions-free power.
| Issuer: | New Energy Solar Fund and New Energy Solar Ltd.
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| Amount: | $62.5 million
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| Description: | Senior secured amortizing notes
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| Maturity: | September 2041
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| Coupon: | 13%
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| Pricing date: | Sept. 8
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| Settlement date: | Oct. 2
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| Distribution: | Private placement
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