Sunnova Energy International Inc.: debt financing — Sunnova secures $185M term loan at 15% interest; cancels 2024 NEO bonuses, awards RSUs

Sunnova Energy International Inc.

$185M secured term loan facility at 15% interest, 3-year maturity, used for working capital.
$10M original issue discount/cash fee for lenders; prepayment subject to 1.30x MOIC.
Loan secured by pledges of membership interests in subsidiaries owning residual interests in existing securitization transactions.
No 2024 annual incentive bonuses paid to NEOs despite 89.41% corporate metric achievement; Committee cited stock price and market challenges.
Long-term RSU grants approved: Williams $2.5M, Matthews $2.4M, Grasso $2.4M, Searle $1.4M; 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. incurred term loan of $185 million with Wilmington Trust, National Association, as Agent at 15.00% per annum maturing three years from the closing date.

Instrument: term loan
Principal: $185 million
Counterparty: Wilmington Trust, National Association, as Agent
Rate: 15.00% per annum
Maturity: three years from the closing date
Event: incurrence

Exact text from the filing

The Loan Agreement provides for a $185 million secured term loan facility (the “Facility”), subject to customary closing conditions.

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Source: SEC EDGAR

accession 0001772695-25-000016

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