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Sunnova ups six-year convertibles to $500 million, narrows talk
By Abigail W. Adams
Portland, Me., Aug. 16 – Sunnova Energy International Inc. upsized its offering of six-year convertible notes to $500 million from $425 million and narrowed talk, according to a market source.
Revised price talk is for a coupon of 2.375% to 2.625% and an initial conversion premium of 27.5% to 30%, according to a market source.
Initial talk was for a coupon of 2.375% to 2.875% and an initial conversion premium of 25% to 30%.
Pricing was expected after the market close on Tuesday.
J.P. Morgan Securities LLC is bookrunner for the Rule 144A offering, which carries a greenshoe of $75 million.
The notes will be settled in cash, shares or a combination of both at the company’s option.
In connection with the offering, the company will enter into capped call transactions.
Proceeds will be used to cover the cost of the call spread and for general corporate purposes.
Sunnova Energy is a Houston-based solar and energy storage service provider.
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