SolarCity Raises $201.5 Million in Bonds Backed by Panels

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SolarCity Corp. (SCTY), the first U.S. company to offer bonds backed by rooftop solar panels, raised $201.5 million in its third debt offering in eight months.

The senior notes were sold at an interest rate of 4.03 percent and were rated BBB+ by Standard & Poor’s, the third-lowest investment grade. The junior notes were sold at an interest rate of 5.45 percent and were rated BB, which is not investment grade. Both tranches mature in July 2022.

“SolarCity is executing well, particularly its pioneering role in reducing cost of capital via securitizations,” Pavel Molchanov, an analyst at Raymond James & Associates Inc. in Houston, wrote today in a note to investors. He raised his 12-month price target to $80 from $75.

Read the full story from Bloomberg

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