Sunnova strategies USD-425m offering of convertible senior notes

Aug 16, 2022 09:27 AM ET
  • US residential solar as well as battery storage firm Sunnova Energy International Inc (NYSE: NOVA) intends to launch a USD-425-million (EUR 418.2 m) placement of convertible senior notes, aiming to pay off debt and also cover operating costs.
Sunnova strategies USD-425m offering of convertible senior notes
Image: Business Wire

The safety and securities are intended to be marketed in a personal offering among institutional investors, Sunnova claimed on Monday. Growing on February 15, 2028, the notes will be exchangeable right into cash, shares of Sunnova's common stock, or a combination of both.

The initial purchasers in the purchase will be given an alternative to get an additional quantity of notes for an overall of USD 75 million. The alternative will be available within 13 days from the beginning of the issuance.

Sunnova stated it will utilize the raised funds to pay expenses associated with numerous capped call transactions attended minimize the possible dilution to Sunnova's common stock, while the rest will certainly be assigned for the company's basic corporate demands. These will include functioning capital requirements, operating expenses, capital expenditures as well as debt repayment.

The senior unsafe notes will bear an interest that will be figured out at the time of pricing the offering, together with the first conversion rate. The rate of interest will certainly be distributed semi-annually.

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