By SAN MATEO, Calif. | SolarCity® —
SolarCity announced the pricing of the offering by its wholly-owned subsidiary, SolarCity LMC Series IV, LLC, of $123,500,000 aggregate principal amount of Solar Asset Backed Notes, Series 2015-1 (the “notes”) consisting of two classes of notes.
The notes were priced on August 7, 2015 and were offered only (i) within the United States to persons who are qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended, and (ii) to certain non‑U.S. persons in offshore transactions in reliance on Regulation S under such Act.
The sale of the notes is expected to close on August 13, 2015, subject to customary closing conditions.
The senior class of notes (Class A Notes) consists of $103,500,000 aggregate principal amount that will have an interest rate of 4.18% and an anticipated repayment date of February 21, 2022. The junior class of the notes (Class B Notes) consists of $20,000,000 aggregate principal amount that will have an interest rate of 5.58% and an anticipated repayment date of February 21, 2022.
The notes will be secured by, and payable solely from the cash flow generated by, the membership interests that will be owned by SolarCity LMC Series IV, LLC in certain indirectly owned subsidiaries of SolarCity Corporation, each of which subsidiaries is the managing member of a fund that is jointly owned with a third-party fund investor and which acquired pools of solar energy systems, related leases and power purchase agreements, and ancillary rights and agreements from SolarCity Corporation. These notes will represent obligations solely of SolarCity LMC Series IV, LLC, and will not be insured or guaranteed by SolarCity Corporation or any other affiliate thereof, or by any other person or entity.
The securities priced today have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, and there shall not be any offer or sale of these securities in any state in which such offer, solicitation or sale would be unlawful.
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