--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-24-036550" form_type: "8-K" ticker: null cik: "0001772695" company_name: "Sunnova Energy International Inc." filed_at: "2024-02-14T23:59:59+00:00" generated_at: "2026-06-06T02:30:51.496116+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.6 calibrated_materiality_score: 0.6 confidence: "high" source: SEC EDGAR --- # Sunnova closes $226M solar securitization; EVP Hillstrand to depart ## Summary - SOL VI Issuer issued $194.5M Class A notes at 5.65%, $16.5M Class B at 7.00%, $15M Class C at 9.00%. - Notes rated A-(sf), BBB(sf), BB-(sf) by Kroll; secured by solar assets and cash flows. - Proceeds used for offering expenses and general corporate purposes; transaction closed Feb 13, 2024. - EVP Kris Hillstrand in discussions regarding separation; Company will not fill his position. - Also amended two credit agreements (SLA and TEPH) with Atlas Securitized Products Holdings. ## SEC filing metadata - accession: 0001193125-24-036550 - form_type: 8-K - cik: 0001772695 - company_name: Sunnova Energy International Inc. - filed_at: 2024-02-14T23:59:59+00:00 - event_type: debt - sentiment: neutral - materiality_score: 0.6 - calibrated_materiality_score: 0.6 - confidence: high - sec_items: 1.01, 2.03, 5.02, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1772695/000119312524036550/0001193125-24-036550-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1772695/000119312524036550/d788452d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-24-036550 - JSON: https://secwatch.observer/filing/0001193125-24-036550.json - Plain text: https://secwatch.observer/filing/0001193125-24-036550.txt ## Key facts - Debt Financings Sunnova Energy International Inc. amended credit facility with Atlas Securitized Products Holdings, L.P.. - Instrument: credit facility - Counterparty: Atlas Securitized Products Holdings, L.P. - Event: amendment source text: On February 14, 2024, Sunnova TEP Holdings, LLC (the "TEPH Borrower"), a wholly owned subsidiary of the Company, entered into that certain First Amendment to Second Amended and Restated Credit Agreement (the "TEPH Amendment"), which, among other things, amends that certain Second Amended and Restated Credit Agreement, dated as of November 3, 2023 (the "TEPH Credit Agreement"), by and among the TEPH Borrower, as borrower, Sunnova TE Management, LLC, as facility administrator, Atlas Securitize evidence_url: https://www.sec.gov/Archives/edgar/data/1772695/000119312524036550/0001193125-24-036550-index.htm - Debt Financings Sunnova Energy International Inc. incurred senior notes of $194,500,000 5.65% Solar Asset Backed Notes, Series 2024-1, Class A at 5.65% maturing April 30, 2032. - Instrument: senior notes - Principal: $194,500,000 5.65% Solar Asset Backed Notes, Series 2024-1, Class A - Rate: 5.65% - Maturity: April 30, 2032 - Event: incurrence source text: SOL VI Issuer issued $194,500,000 5.65% Solar Asset Backed Notes, Series 2024-1, Class A (the "Class A Notes"), $16,500,000 7.00% Solar Asset Backed Notes, Series 2024-1, Class B (the "Class B Notes") and $15,000,000 9.00% Solar Asset Backed Notes, Series 2024-1, Class C (the "Class C Notes" and, collectively with the Class A Notes and Class B Notes, the "Notes"). evidence_url: https://www.sec.gov/Archives/edgar/data/1772695/000119312524036550/0001193125-24-036550-index.htm - Debt Financings Sunnova Energy International Inc. incurred senior notes of $15,000,000 9.00% Solar Asset Backed Notes, Series 2024-1, Class C at 9.00% maturing April 30, 2032. - Instrument: senior notes - Principal: $15,000,000 9.00% Solar Asset Backed Notes, Series 2024-1, Class C - Rate: 9.00% - Maturity: April 30, 2032 - Event: incurrence source text: SOL VI Issuer issued $194,500,000 5.65% Solar Asset Backed Notes, Series 2024-1, Class A (the "Class A Notes"), $16,500,000 7.00% Solar Asset Backed Notes, Series 2024-1, Class B (the "Class B Notes") and $15,000,000 9.00% Solar Asset Backed Notes, Series 2024-1, Class C (the "Class C Notes" and, collectively with the Class A Notes and Class B Notes, the "Notes"). evidence_url: https://www.sec.gov/Archives/edgar/data/1772695/000119312524036550/0001193125-24-036550-index.htm - Debt Financings Sunnova Energy International Inc. incurred senior notes of $16,500,000 7.00% Solar Asset Backed Notes, Series 2024-1, Class B at 7.00% maturing April 30, 2032. - Instrument: senior notes - Principal: $16,500,000 7.00% Solar Asset Backed Notes, Series 2024-1, Class B - Rate: 7.00% - Maturity: April 30, 2032 - Event: incurrence source text: SOL VI Issuer issued $194,500,000 5.65% Solar Asset Backed Notes, Series 2024-1, Class A (the "Class A Notes"), $16,500,000 7.00% Solar Asset Backed Notes, Series 2024-1, Class B (the "Class B Notes") and $15,000,000 9.00% Solar Asset Backed Notes, Series 2024-1, Class C (the "Class C Notes" and, collectively with the Class A Notes and Class B Notes, the "Notes"). evidence_url: https://www.sec.gov/Archives/edgar/data/1772695/000119312524036550/0001193125-24-036550-index.htm - Executive change Kris W. Hillstrand departed as Executive Vice President, Direct at Sunnova Energy International Inc.. - Action: separation - Role: Executive Vice President, Direct source text: On February 8, 2024, the Company commenced discussions with Kris W. Hillstrand, Executive Vice President, Direct regarding his transition and separation from the Company, including the effective date of such separation. evidence_url: https://www.sec.gov/Archives/edgar/data/1772695/000119312524036550/0001193125-24-036550-index.htm - Material Agreements Sunnova Energy International Inc. amended TEPH Amendment with Atlas Securitized Products Holdings, L.P. (effective 2024-02-14). - Action: amendment - Agreement: credit facility - Counterparty: Atlas Securitized Products Holdings, L.P. - Effective: 2024-02-14 source text: On February 14, 2024, Sunnova TEP Holdings, LLC (the “TEPH Borrower”), a wholly owned subsidiary of the Company, entered into that certain First Amendment to Second Amended and Restated Credit Agreement (the “TEPH Amendment”), which, among other things, amends that certain Second Amended and Restated Credit Agreement, dated as of November 3, 2023 (the “TEPH Credit Agreement”), by and among the TEPH Borrower, as borrower, Sunnova TE Management, LLC, as facility administrator, Atlas Securitize evidence_url: https://www.sec.gov/Archives/edgar/data/1772695/000119312524036550/0001193125-24-036550-index.htm - Material Agreements Sunnova Energy International Inc. entered into Indenture with Wilmington Trust, National Association (effective 2024-02-13). - Action: entry - Agreement: notes offering - Counterparty: Wilmington Trust, National Association - Effective: 2024-02-13 source text: On February 13, 2024, a wholly owned, indirect subsidiary (“SOL VI 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/1772695/000119312524036550/0001193125-24-036550-index.htm - Material Agreements Sunnova Energy International Inc. amended SLA Amendment with Atlas Securitized Products Holdings, L.P. (effective 2024-02-14). - Action: amendment - Agreement: credit facility - Counterparty: Atlas Securitized Products Holdings, L.P. - Effective: 2024-02-14 source text: On February 14, 2024, Sunnova EZ-Own Portfolio, LLC (the “SLA Borrower”), a wholly owned subsidiary of the Company, entered into that certain Amendment No. 2 to Second Amended and Restated Credit Agreement (SLA) (the “SLA Amendment”), which, among other things, further amends that certain Second Amended and Restated Credit Agreement, dated as of August 2, 2023 (as previously amended, the “SLA Credit Agreement”), by and among the SLA Borrower, certain other subsidiaries of the Company party thereto, Atlas Securitized Products Holdings, L.P., as administrative agent, and the lenders and other financial institutions party thereto. evidence_url: https://www.sec.gov/Archives/edgar/data/1772695/000119312524036550/0001193125-24-036550-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.