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Sunrun issues $322M in solar asset-backed notes

Sunrun Inc. has issued $322 million of solar asset-backed series 2018-1, class A notes at an issue price of $317.3 million, and at an original issue discount of approximately 1.47%.

The notes bear a 5.55% yield with a 5.31% fixed coupon rate, a weighted average life of 9.57 years and maturity date of April 30, 2049. The notes' initial balance represents a 72.3% advance rate relative to the aggregate discounted solar asset balance, the company said in a Dec. 20 filing.

The notes are backed by a portfolio of 34,493 solar rooftop systems distributed across 19 states and 66 utility service territories.

Sunrun will use the proceeds to repay borrowings under existing credit facilities and other corporate purposes. The completion of the deal marks Sunrun's second securitization of leases and power purchase agreements.

Credit Suisse and Deutsche Bank Securities acted as co-structuring agents. Credit Suisse, Deutsche Bank Securities and KeyBanc Capital Markets acted as joint book runners.