By Susanna Moon
Chicago, Oct. 30 – Solar Mosaic, Inc. said it issued $307.5 million of solar loan securitization bonds in four tranches at a weighted average life of about 4.1 years with an all-in yield of 4.2%.
Deutsche Bank, BNP Paribas and Guggenheim Securities are the joint lead bookrunners.
The Mosaic Solar Loans 2017-2 issue drew more than $1.7 billion in investor orders and was then placed with 29 institutional investors based in the United States and Europe, according to a company news release.
The bonds are backed by an initial collateral pool of $275 million of loans with an average FICO score of 738.
An additional $75 million of loans may be purchased during the three-month supplemental purchase period.
The issuer said on Feb. 8, 2017 that it had closed the first securitization of its residential solar loan portfolio on Feb. 2, 2017, raising $138.95 million. It was the first securitization of consumer loans secured by Mosaic’s residential rooftop solar systems.
Mosaic provides solar energy financing and is based in Oakland, Calif.
| Issuer: | Solar Mosaic, Inc.
|
| Issue: | Mosaic Solar Loans 2017-2
|
| Amount: | $307.5 million
|
| Maturity: | 4.1 years average
|
| Yield: | 4.2% all in
|
| Bookrunners: | Deutsche Bank, BNP Paribas and Guggenheim Securities
|
| Co-manager: | DZ Financial Markets
|
| Structuring agent: | Deutsche Bank
|
| Pricing date: | Oct. 30
|
| Ratings: | Kroll Bond Rating Agency: A to BB+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
