Sunnova Energy International Inc.: debt financing — Sunnova subsidiary issues $286.7M solar loan backed notes in three tranches

Sunnova Energy International Inc.

Issued $174.9M Class A notes at 5.30%, $80.1M Class B at 5.60%, $31.7M Class C at 6.00%.
Notes have anticipated repayment date of May 22, 2028; secured by residential solar loan portfolio.
Proceeds to finance green investments and repay existing subsidiary financing.
Notes rated AA- (sf)/A- (sf)/BBB (sf) by Kroll and Fitch for Classes A/B/C respectively.
Sunnova Energy Corporation provides performance guaranty for 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 senior notes of $80,100,000 aggregate principal amount of 5.60% Solar Loan Backed Notes, Series 2023-A Class B with Wilmington Trust, National Association at 5.60% maturing anticipated repayment date of May 22, 2028.

Instrument: senior notes
Principal: $80,100,000 aggregate principal amount of 5.60% Solar Loan Backed Notes, Series 2023-A Class B
Counterparty: Wilmington Trust, National Association
Rate: 5.60%
Maturity: anticipated repayment date of May 22, 2028
Event: incurrence

Exact text from the filing

$80,100,000 aggregate principal amount of 5.60% Solar Loan Backed Notes, Series 2023-A Class B

View on SEC.gov

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

Sunnova Energy International Inc. incurred senior notes of $174,900,000 aggregate principal amount of 5.30% Solar Loan Backed Notes, Series 2023-A Class A with Wilmington Trust, National Association at 5.30% maturing anticipated repayment date of May 22, 2028.

Instrument: senior notes
Principal: $174,900,000 aggregate principal amount of 5.30% Solar Loan Backed Notes, Series 2023-A Class A
Counterparty: Wilmington Trust, National Association
Rate: 5.30%
Maturity: anticipated repayment date of May 22, 2028
Event: incurrence

Exact text from the filing

The Issuer issued $174,900,000 aggregate principal amount of 5.30% Solar Loan Backed Notes, Series 2023-A Class A

View on SEC.gov

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

Sunnova Energy International Inc. incurred senior notes of $31,700,000 aggregate principal amount of 6.00% Solar Loan Backed Notes, Series 2023-A Class C with Wilmington Trust, National Association at 6.00% maturing anticipated repayment date of May 22, 2028.

Instrument: senior notes
Principal: $31,700,000 aggregate principal amount of 6.00% Solar Loan Backed Notes, Series 2023-A Class C
Counterparty: Wilmington Trust, National Association
Rate: 6.00%
Maturity: anticipated repayment date of May 22, 2028
Event: incurrence

Exact text from the filing

$31,700,000 aggregate principal amount of 6.00% Solar Loan Backed Notes, Series 2023-A Class C

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Sunnova Energy International Inc. entered into Indenture with Wilmington Trust, National Association valued at $174,900,000 aggregate principal amount of 5.30% Solar Loan Backed Notes, Series 2023-A Class A, $80 (effective 2023-05-16).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $174,900,000 aggregate principal amount of 5.30% Solar Loan Backed Notes, Series 2023-A Class A, $80
Effective: 2023-05-16

Exact text from the filing

On May 16, 2023, a wholly owned, indirect subsidiary (the “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 loan backed notes that were issued pursuant to the Indenture (the “Transaction”).

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Source: SEC EDGAR

accession 0001193125-23-146096

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