- Sunnova Energy International Inc (NYSE:NOVA) subsidiary Sunnova Energy Corporation priced $400 million green 5.875% senior notes due 2026 in an upsized private institutional placement.
- The notes were priced at 98.76% of par. Sunnova initially proposed to offer $350 million notes.
- The notes will bear interest from Aug. 17, at an annual rate of 5.875%, payable on Mar. 1 and Sep. 1 of each year, beginning on Mar. 1, 2022.
- Sunnova plans to allocate an amount equal to the offering proceeds, in whole or in part, existing or new eligible green projects, until which it will maintain or apply the proceeds under its regular liquidity practices.
- Sunnova held $2.6 billion in long-term debt as of Jun. 30.
- NOVA shares have lost 16.9% year-to-date.
- Price Action: NOVA shares are up by 0.32% at $37.63 premarket on the last check Wednesday.
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