Sunrun Inc. (NASDAQ:RUN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On May 9, 2017, a jointly-owned subsidiary of Sunrun Inc.
(Sunrun) and National Grid entered into an aggregate $202 million
of senior secured credit facilities. The facilities are
syndicated with various lenders and consist of the following:
|
(i) |
$195 million delayed draw term loan facility with an |
|
(ii) |
$7 million debt service reserve letter of credit |
The facilities are non-recourse to Sunrun and are secured by net
cash flows from power purchase agreements and leases as well as
the sale of renewable energy certificates generated by
residential solar projects, less certain operating, maintenance
and other expenses which are available to the borrowers after
distributions to tax equity investors. The delayed draw term loan
facility has an advance rate of 65%. Sunrun paid aggregate
banking fees of 2.13% of the aggregate facility amounts, and the
loans were issued without any original issue discount. The
facilities contain customary covenants including the requirement
to maintain certain financial measurements and provide lender
reporting. The credit facilities also contain certain provisions
in the event of default which entitle lenders to take certain
actions including acceleration of amounts due under the
facilities.
All facilities mature on April 30, 2024.
About Sunrun Inc. (NASDAQ:RUN)
Sunrun Inc. (Sunrun) is engaged in the design, development, installation, sale, ownership and maintenance of residential solar energy systems (Projects) in the United States. The Company is engaged in providing solar energy services and products to its customers. Sunrun has over 111,000 customers across 15 states, as well as the District of Columbia. Sunrun sells directly to consumers over the phone, Web and retail stores, as well as through a network of certified partners. It offers various plans and services, such as Pay as you go and Purchase your system. Its Pay as you go offers plans, such as BrightSave Monthly and BrightSave Prepaid. Sunrun’s BrightSave Monthly plan comes with both product and workmanship warranty, as well as protection against future utility rate hikes. Users can lock in over 20 years of electricity with Sunrun’s BrightSave Prepaid solar lease plan. With Sunrun’s BrightBuy, users can purchase the entire solar system. Sunrun Inc. (NASDAQ:RUN) Recent Trading Information
Sunrun Inc. (NASDAQ:RUN) closed its last trading session down -0.02 at 4.90 with 657,930 shares trading hands.