Sunnova Energy International Inc.: debt financing — Sunnova closes $244M DOE-guaranteed securitization and upsizes TEPH revolver to $1.309B

Sunnova Energy International Inc.

TEPH subsidiary amended revolver to $1.309B committed (max $1.575B); matures Nov 2025; non-recourse to SEI.
DOE guaranteed 90% of $244M loan under Title 17; remaining $3.089B guarantee authority stays available.
Issuer sold $219.6M 5.75% Class 1-A notes (AAA(sf)/AA(sf)) and $24.4M 8.25% Class 2-A notes (BB(sf)).
SEC provides limited performance guarantees for certain obligations under the transactions.
Proceeds used to finance residential solar and storage installations via solar loan portfolio.

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 revolving credit of an aggregate commitment amount of $1.309 billion and an uncommitted maximum facility amount of $1.575 billion with Atlas Securitized Products Holdings, L.P., as administrative agent, and the lenders and other financial institutions party thereto at Term SOFR plus a margin specific to each lender or such lender’s Commercial Pape maturing November 20, 2025.

Instrument: revolving credit
Principal: an aggregate commitment amount of $1.309 billion and an uncommitted maximum facility amount of $1.575 billion
Counterparty: Atlas Securitized Products Holdings, L.P., as administrative agent, and the lenders and other financial institutions party thereto
Rate: Term SOFR plus a margin specific to each lender or such lender’s Commercial Pape
Maturity: November 20, 2025
Event: incurrence

Exact text from the filing

The Amended TEPH Credit Agreement provides for a revolving credit facility with an aggregate commitment amount of $1.309 billion and an uncommitted maximum facility amount of $1.575 billion.

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

Sunnova Energy International Inc. amended Second Amended and Restated Credit Agreement with Atlas Securitized Products Holdings, L.P. valued at $1.309 billion (effective 2023-11-03).

Action: amendment
Agreement: credit facility
Counterparty: Atlas Securitized Products Holdings, L.P.
Value: $1.309 billion
Effective: 2023-11-03

Exact text from the filing

On November 3, 2023, Sunnova TEP Holdings, LLC (“TEPH”), a wholly owned subsidiary of Sunnova Energy International Inc. (the “Company”), entered into that certain Second Amended and Restated Credit Agreement (the “Amended TEPH Credit Agreement”), which amends and restates that certain Amended and Restated Credit Agreement, dated as of March 29, 2021, by and among TEPH, as borrower, Sunnova TE Management, LLC, as facility administrator, Atlas Securitized Products Holdings, L.P., as administrative agent, and the lenders and other financial institutions party thereto.

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Source: SEC EDGAR

accession 0001193125-23-273527

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