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Solar City prices debt offering

SolarCity says it has priced the offering by a wholly-owned subsidiary of $201.5m in Solar Asset Back Notes that is expected to close on 31 July.

The offering by SolarCity LMC Series III, LLC consists of $160,000,000 aggregate principal senior Class A notes that will have an interest rate of 4.026%, which represents a credit spread of 1.8% over the benchmark rate. The anticipated repayment date is 20 July 2022. 

The junior Class B notes consist of $41,500,000 aggregate principal amount that will have an interest rate of 5.45%, which represents a credit spread of 3.224% over the benchmark rate. The anticipated repayment date is 20 July 2022.

The notes will be secured by and payable solely from the cash flow generated by a pool of solar photovoltaic systems that SolarCity LMC Series III, LLC, will own.

 

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