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Sunrun prices 4th securitization of residential solar systems

Sunrun Inc. on Oct. 17 priced its fourth securitization of leases and power purchase agreements. It consists of $312.4 million of A rated notes at an 80.0% advance rate and subordinated BB rated notes at a cumulative 95.0% advance rate.

The securities in the offering, known as Sunrun's solar-as-a-service, are backed by a portfolio of 28,237 solar rooftop systems distributed across 61 utility service territories.

The A rated notes were priced at a yield of 3.63% and will mature Feb. 1, 2055. The notes have a spread to the benchmark swap rate of 205 basis points.

Sunrun also plans to retain the subordinated notes and expects to arrange additional subordinated debt outside of the asset-backed securities market.

The transaction is expected to close by Oct. 28.

Credit Suisse served as the sole structuring agent. Credit Suisse, Deutsche Bank Securities and Morgan Stanley served as bookrunners for the securitization, while KeyBanc Capital Markets and RBC Capital Markets acted as co-managers.