Moody's rates Spruce Power loan B1

Moody's Investors Service said it rated Spruce Power Holdings, LLC's, seven-year $600 million senior secured term loan B1.

“The B1 rating reflects SPH's long term contracted revenues sourced from its PPAs or leases with its residential solar customers, the location of most of its assets in states with significant support for renewables, and a large majority of its equipment sourced from reputable manufacturers,” Moody’s said in a press release.

Spruce will use the proceeds to refinance debt totaling $520 million at various subsidiaries or affiliates, provide for a $42 million distribution, fund the debt service reserve, and pay for transaction fees including a call premium.

The outlook is stable.

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