By Marisa Wong
Los Angeles, Aug. 18 – A wholly owned indirect subsidiary of Sunnova Energy International Inc. issued on Wednesday $178 million of 5% solar loan-backed notes, series 2022-B class A (//A/Kroll: A-) and $49.7 million of 6% solar loan-backed notes, series 2022-B class B (//BBB-/Kroll: BBB-), according to an 8-K filing with the Securities and Exchange Commission.
The Rule 144A and Regulation S notes have an anticipated repayment date of Aug. 20, 2029.
The notes are secured by the trust estate which consists primarily of all right, title and interest of the issuer in a portfolio of solar loans made to consumers for the purpose of installing residential photovoltaic or energy storage systems.
Sunnova ABS Management, LLC, a wholly owned direct subsidiary of the company, is manager and servicer. The manager will provide, or cause to be provided, all operations, maintenance, administrative, collection and other management and servicing services for the issuer and in respect of the solar loans.
Wilmington Trust, NA is the trustee.
The company intends to use the proceeds from the notes to finance or refinance, in whole or in part, existing or new investments and expenditures related to one or more of the criteria listed in its green financing framework, including to simultaneously repay a portion of one or more currently existing financing arrangements of its subsidiaries.
Sunnova Energy is a Houston-based solar and energy storage service provider.
| Issuer: | Sunnova Energy International Inc.
|
| Amount: | $227.7 million
|
| Issue: | Solar loan-backed notes, series 2022-B
|
| Maturity: | Aug. 20, 2029
|
| Manager: | Sunnova ABS Management, LLC
|
| Trustee: | Wilmington Trust, NA
|
| Issue date: | Aug. 17
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | $178 million
|
| Coupon: | 5%
|
| Ratings: | Fitch: Asf
|
| Kroll: A- (sf)
|
|
|
| Class B notes
|
| Amount: | $49.7 million
|
| Coupon: | 6%
|
| Ratings: | Fitch: BBB-sf
|
| Kroll: BBB- (sf)
|
|
|
© 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.
