Sunnova Energy International Inc.: debt financing — Sunnova subsidiary issues $323.5M in solar asset-backed notes at 5.40% and 7.35%

Sunnova Energy International Inc.

Sol V Issuer issued $300M Class A notes at 5.40% and $23.5M Class B notes at 7.35%.
Notes have anticipated repayment date of July 31, 2028; secured by solar assets and cash flows.
Proceeds to be used for offering expenses and general corporate purposes.
Class A notes rated A-(sf) and Class B notes rated BBB(sf) by Kroll Bond Rating Agency.
Sunnova Energy Corporation issued a performance guaranty covering certain obligations.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sunnova Energy International Inc. incurred debt of $300,000,000 with Wilmington Trust, National Association at 5.40% maturing July 31, 2028.

Principal: $300,000,000
Counterparty: Wilmington Trust, National Association
Rate: 5.40%
Maturity: July 31, 2028
Event: incurrence

Exact text from the filing

Sol V Issuer issued $300,000,000 5.40% Solar Asset Backed Notes, Series 2023-1, Class A (the “Class A Notes”)

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sunnova Energy International Inc. incurred debt of $23,500,000 with Wilmington Trust, National Association at 7.35% maturing July 31, 2028.

Principal: $23,500,000
Counterparty: Wilmington Trust, National Association
Rate: 7.35%
Maturity: July 31, 2028
Event: incurrence

Exact text from the filing

and $23,500,000 7.35% Solar Asset Backed Notes, Series 2023-1, Class B (the “Class B Notes” and together with the Class A Notes, the “Notes”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sunnova Energy International Inc. entered into Indenture with Wilmington Trust, National Association valued at $300,000,000 5.40% Solar Asset Backed Notes, Series 2023-1, Class A and $23,500,000 7.35% Solar Asse (effective 2023-04-26).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $300,000,000 5.40% Solar Asset Backed Notes, Series 2023-1, Class A and $23,500,000 7.35% Solar Asse
Effective: 2023-04-26

Exact text from the filing

On April 26, 2023, a wholly owned, indirect subsidiary (“Sol V Issuer”) of Sunnova Energy International Inc., a Delaware corporation (the “Company”), entered into an indenture (the “Indenture”) with Wilmington Trust, National Association, as the indenture trustee, and completed an issuance of solar asset backed notes that were issued pursuant to the Indenture (the “Transaction”).

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Source: SEC EDGAR

accession 0001193125-23-118553

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