8-K
filed February 26, 2024, 6:59 PM ET
CIK 0001772695
debt
confidence high
sentiment neutral
materiality 0.60
Sunnova Energy International Inc.: debt financing — Sunnova issues $227M secured notes; promotes Mathews to COO, grants exec compensation
Sunnova Energy International Inc.
- Issued $227M aggregate in notes: $166M Class A at 5.30%, $33.9M Class B at 6.00%, $27.1M Class C at 7.00%; rated AA-sf/A-sf/BBB-sf by Fitch, due 2031.
- Notes secured by residential solar/energy storage loan portfolio; proceeds to repay existing financings and fund new investments.
- Paul Mathews promoted to EVP Chief Operating Officer; David Searle adds Chief Compliance Officer role.
- 2024 base salaries: Berger $650K, Lane $400K, Grasso $425K (eff. Apr 1, 2024); 2023 bonuses paid Mar 6: Berger $1.22M, Lane $347K, Grasso $381K (60% cash/40% stock).
- LTIP awards granted Mar 6: Berger $5M (RSUs + premium options at 120% strike); Lane $1.6M; Grasso $2.4M; all vest in 3 years.
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. entered an off-balance-sheet arrangement for guarantee.
- Instrument
- guarantee
- Event
- off balance sheet
Exact text from the filing
Sunnova Energy Corporation, a wholly owned, direct subsidiary of the Company, issued a performance guaranty covering (a) the performance of certain obligations of its affiliates, (b) the performance obligations of the Manager under the Management Agreement and Servicing Agreement and (c) the payment of certain expenses incurred by the Issuer and the Indenture Trustee.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Sunnova Energy International Inc. incurred loan of $166,000,000 at 5.30% maturing February 20, 2031.
- Instrument
- loan
- Principal
- $166,000,000
- Rate
- 5.30%
- Maturity
- February 20, 2031
- Event
- incurrence
Exact text from the filing
On February 23, 2024, a wholly owned, indirect subsidiary (the "Issuer") of Sunnova Energy International Inc., a Delaware corporation (the "Company"), issued $166,000,000 aggregate principal amount of 5.30% Loan Backed Notes, Series 2024-A Class A (the "Class A Notes"), $33,900,000 aggregate principal amount of 6.00% Loan Backed Notes, Series 2024-A Class B (the "Class B Notes") and $27,100,000 aggregate principal amount of 7.00% Loan Backed Notes, Series 2024-A Class C (the "Class C Notes" and, collectively with the Class A Notes and Class B Notes, the "Notes")
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Sunnova Energy International Inc. incurred loan of $27,100,000 at 7.00% maturing February 20, 2031.
- Instrument
- loan
- Principal
- $27,100,000
- Rate
- 7.00%
- Maturity
- February 20, 2031
- Event
- incurrence
Exact text from the filing
On February 23, 2024, a wholly owned, indirect subsidiary (the "Issuer") of Sunnova Energy International Inc., a Delaware corporation (the "Company"), issued $166,000,000 aggregate principal amount of 5.30% Loan Backed Notes, Series 2024-A Class A (the "Class A Notes"), $33,900,000 aggregate principal amount of 6.00% Loan Backed Notes, Series 2024-A Class B (the "Class B Notes") and $27,100,000 aggregate principal amount of 7.00% Loan Backed Notes, Series 2024-A Class C (the "Class C Notes" and, collectively with the Class A Notes and Class B Notes, the "Notes")
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Sunnova Energy International Inc. incurred loan of $33,900,000 at 6.00% maturing February 20, 2031.
- Instrument
- loan
- Principal
- $33,900,000
- Rate
- 6.00%
- Maturity
- February 20, 2031
- Event
- incurrence
Exact text from the filing
On February 23, 2024, a wholly owned, indirect subsidiary (the "Issuer") of Sunnova Energy International Inc., a Delaware corporation (the "Company"), issued $166,000,000 aggregate principal amount of 5.30% Loan Backed Notes, Series 2024-A Class A (the "Class A Notes"), $33,900,000 aggregate principal amount of 6.00% Loan Backed Notes, Series 2024-A Class B (the "Class B Notes") and $27,100,000 aggregate principal amount of 7.00% Loan Backed Notes, Series 2024-A Class C (the "Class C Notes" and, collectively with the Class A Notes and Class B Notes, the "Notes")
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David Searle changed role as Executive Vice President, General Counsel and Chief Compliance Officer at Sunnova Energy International Inc..
- Action
- title revised
- Role
- Executive Vice President, General Counsel and Chief Compliance Officer
Exact text from the filing
Mr. David Searle’s title was revised from Executive Vice President, General Counsel to Executive Vice President, General Counsel and Chief Compliance Officer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.7
Hillstrand departed as other_named_officer at Sunnova Energy International Inc..
- Action
- in the process of separating
Exact text from the filing
Mr. Hillstrand who is in the process of separating from the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.7
Santo Salvo departed as other_named_officer at Sunnova Energy International Inc..
- Action
- no longer with the Company
Exact text from the filing
Excludes Messrs. Baker and Santo Salvo who are no longer with the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.7
Baker departed as other_named_officer at Sunnova Energy International Inc..
- Action
- no longer with the Company
Exact text from the filing
Excludes Messrs. Baker and Santo Salvo who are no longer with the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Paul Mathews changed role as Executive Vice President, Chief Operating Officer at Sunnova Energy International Inc..
- Action
- title revised
- Role
- Executive Vice President, Chief Operating Officer
Exact text from the filing
Mr. Paul Mathews’ title was revised from Executive Vice President, Service – Americas and Supply Chain to Executive Vice President, Chief Operating Officer.
View on SEC.gov
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