SAN FRANCISCO, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Sunrun (NASDAQ:RUN), the nation's leading provider of residential solar, storage and energy services, today announced it has priced a securitization of leases and power purchase agreements, known as Sunrun's solar-as-a-service offering.
"The capital markets continue to recognize the high quality of Sunrun's residential solar assets, and the company's industry-leading performance as an originator and servicer. This latest securitization sets new records, representing the largest securitization in Sunrun's history and also the largest across the entire residential solar industry. Combined with a senior portfolio term-out financing closed in July, the Class A Notes represent over $1 billion of senior term debt financing raised this quarter, demonstrating deep access to attractively-priced capital across multiple private and public markets," said Danny Abajian, Sunrun's Chief Financial Officer.
The transaction was structured with two pari passu tranches of A- rated notes (the "Class A-1" and "Class A-2", respectively and together the "Class A") and a single class of BB+ ("Class B") rated notes. The $440mm Class A-1 notes were marketed in ...