Sunrun Inc. (RUN): debt financing — Sunrun issues $475M 4% convertible notes due 2030; repurchases $97.5M of 2026 notes

Sunrun Inc.

Issued $475M aggregate principal of 4.00% convertible senior notes due 2030; net proceeds ~$462.8M.
Initial conversion price ~$16.29 per share, a 27.5% premium over the $12.78 Feb 22 closing price.
Used $83.3M to repurchase $97.5M of its 0% 2026 notes at 85.5% of par in concurrent transactions.
Paid $37.7M for capped calls (cap price $22.365) covering ~29.2M shares to limit dilution.
Remaining proceeds for debt repayment, working capital, capex, and potential acquisitions; no specific deals identified.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

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

Sunrun Inc. incurred convertible notes of $475 million aggregate principal amount with Computershare Trust Company, National Association, as trustee at 4.00% per year maturing March 1, 2030.

Instrument: convertible notes
Principal: $475 million aggregate principal amount
Counterparty: Computershare Trust Company, National Association, as trustee
Rate: 4.00% per year
Maturity: March 1, 2030
Event: incurrence

Exact text from the filing

On February 27, 2024, the Company entered into an Indenture (the “Indenture”), by and between the Company and Computershare Trust Company, National Association, as trustee (the “Trustee”), pursuant to which the Company issued $475 million aggregate principal amount of Notes.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sunrun Inc. entered into Indenture with Computershare Trust Company, National Association, as trustee valued at $475 million aggregate principal amount (effective 2024-02-27).

Action: entry
Agreement: notes offering
Counterparty: Computershare Trust Company, National Association, as trustee
Value: $475 million aggregate principal amount
Effective: 2024-02-27

Exact text from the filing

On February 27, 2024, the Company entered into an Indenture (the “Indenture”), by and between the Company and Computershare Trust Company, National Association, as trustee (the “Trustee”), pursuant to which the Company issued $475 million aggregate principal amount of Notes.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sunrun Inc. entered into Purchase Agreement with Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, as representatives of the several initial purchasers valued at $475 million aggregate principal amount (effective 2024-02-22).

Action: entry
Agreement: notes offering
Counterparty: Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, as representatives of the several initial purchasers
Value: $475 million aggregate principal amount
Effective: 2024-02-22

Exact text from the filing

On February 22, 2024, Sunrun Inc. (the “Company”) entered into a purchase agreement (the “Purchase Agreement”) with Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, as representatives of the several initial purchasers named in Schedule A thereto (the “Purchasers”), to issue and sell $475 million aggregate principal amount of 4.00% Convertible Senior Notes due 2030 (the “Notes”)

View on SEC.gov

299 debt financings filed in the last 30 days. Browse all debt financings →

Sunrun Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-047912

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