Sunnova Energy Corporation, a wholly owned subsidiary of Sunnova Energy International Inc, on Friday announced the pricing of $400 million aggregate principal amount of “green” senior notes due 2028 in a private placement to qualified institutional buyers.
The notes will be senior unsecured obligations of Sunnova Energy Corp and interest will be paid semiannually in arrears.
The notes will yield interest from September 26th 2023 at an annual rate of 11.750%, which will be payable on April 1st and October 1st of every year.
The notes will mature on October 1st 2028, while the offering is expected to close on September 26th 2023, given customary closing conditions have been met.
Sunnova Energy Corp intends to allocate an amount equal to the net proceeds from the offering to finance or refinance existing or new eligible green projects, it said.
The shares of Sunnova Energy International Inc (NOVA) closed 0.09% ($0.01) higher at $10.84 in New York on Friday, following a 7.28% loss in the prior trading session.
The stock has traded near lows not seen since late-April 2020 over the past week.
The company’s total market cap now stands at $1.325 billion.
The shares of Sunnova Energy International Inc have retreated 39.81% so far this year.
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