Sunnova Energy International Inc.: debt financing — Sunnova issues $400M of 11.750% Senior Notes due 2028 to fund green projects

Sunnova Energy International Inc.

$400M aggregate principal of 11.750% Senior Notes due 2028 issued at 97.262% of par.
Notes are unsecured senior obligations, guaranteed by parent Sunnova International and subsidiary guarantor.
Proceeds to be allocated to finance or refinance eligible green projects; pending use held in normal liquidity practices.
Covenants include cash asset coverage ratio of not less than 2.0x; redeemable at any time prior to par call date at a premium.
Change of control triggers repurchase at 101% of principal plus accrued interest.

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 $400 million aggregate principal amount with Wilmington Trust, National Association at 11.750% maturing October 1, 2028.

Instrument: senior notes
Principal: $400 million aggregate principal amount
Counterparty: Wilmington Trust, National Association
Rate: 11.750%
Maturity: October 1, 2028
Event: incurrence

Exact text from the filing

On September 26, 2023, Sunnova Energy Corporation (the “Issuer”), a wholly owned subsidiary of Sunnova Energy International Inc. (the “Company”), issued $400 million aggregate principal amount of 11.750% Senior Notes due 2028 (the “Notes”) under an indenture, dated as of September 26, 2023

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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 $400 million aggregate principal amount of 11.750% Senior Notes due 2028 (effective 2023-09-26).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $400 million aggregate principal amount of 11.750% Senior Notes due 2028
Effective: 2023-09-26

Exact text from the filing

On September 26, 2023, Sunnova Energy Corporation (the "Issuer"), a wholly owned subsidiary of Sunnova Energy International Inc. (the "Company"), issued $400 million aggregate principal amount of 11.750% Senior Notes due 2028 (the "Notes") under an indenture, dated as of September 26, 2023 (the "Indenture"), among the Issuer, the Company, Sunnova Intermediate Holdings, LLC (the "Subsidiary Guarantor") and Wilmington Trust, National Association, as trustee for the Notes.

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Source: SEC EDGAR

accession 0001193125-23-242484

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