Sunrun awards the securitization of Nasdaq residential photo voltaic and battery programs: RUN
Transaction hits document deviation from benchmark charges since inception
SAN FRANCISCO, March 10, 2021 (GLOBE NEWSWIRE) – Sunrun (Nasdaq: RUN), the nation’s largest photo voltaic house companies, battery storage and vitality firm, at the moment introduced that it has priced a securitization energy lease and buy contracts, referred to as Sunrun. photo voltaic provide as a service.
“The market more and more acknowledges the top quality of residential photo voltaic property and our peak efficiency,” stated Ed Fenster, co-founder and government chairman of Sunrun. “Our sturdy efficiency over the previous yr has enabled us to benefit from an extra step in lowering funding prices and bettering our skill to lift capital at more and more engaging charges.”
The securitization consists of a single tranche of notes rated A with an preliminary steadiness of $ 201 million, representing a prepayment price of 80.0%. The Notes have a yield of two.46%, which is a distinction from the benchmark swap price of 135 bps. This represents an enchancment within the unfold of round 40bp in comparison with the securitization issued by Vivint Photo voltaic in September 2020, which beforehand represented the bottom unfold reached by Sunrun or Vivint Photo voltaic, since its inception thus far. At a yield of two.46%, the price of debt is 172 foundation factors decrease than the common value of all the Firm’s senior securitized notes. The notes have a weighted common lifetime of 6.3 years till the anticipated redemption date of July 31, 2028 and have a ultimate maturity of January 30, 2052. The anticipated charges are calculated relative to the securitization portion of the steadiness. discounted photo voltaic asset, free money circulate for debt service).
The Notes are backed by a various portfolio of 16,686 photo voltaic roofing programs throughout 17 states and Washington DC and 52 utility territories. The weighted common FICO rating for purchasers is 749. The transaction is predicted to shut by March 17, 2021.
Credit score Suisse was the only structuring agent and the only bookrunner. Truist Securities was co-manager of the securitization.
This press launch doesn’t represent a suggestion to promote or the solicitation of a suggestion to purchase and there will likely be no sale of such securities in any jurisdiction through which such a suggestion, solicitation or sale could be unlawful previous to registration. or qualification below securities legal guidelines. of that jurisdiction.
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