Sunrun Upsizes Non-Recourse Warehouse Lending Facility to $1.8 Billion at Improved Terms
11 Outubro 2021 - 9:30AM
Sunrun (Nasdaq: RUN), the nation’s leading home solar, battery
storage and energy services company, today announced it has
increased the company’s non-recourse warehouse lending facility to
$1.8 billion in commitments, an increase of $1 billion, while also
reducing the interest cost by 50 bps to a spread of 200 bps over
LIBOR.
“We are excited to expand our warehouse facility to support
continued growth while also lowering the cost of financing,” said
Tom vonReichbauer, Sunrun’s Chief Financial Officer. “Our capital
raising strength and strong execution, especially at our large
scale, allows us to optimize our capital structure and deliver
strong financial returns investing in home solar and battery
systems while enabling more homeowners to benefit from choosing
clean, affordable, resilient energy.”
The non-recourse lending facility, which serves as a warehouse
facility to temporarily finance solar assets prior to arranging
long term financings, such as asset backed securities, was expanded
from current commitments of $800 million to $1.8 billion. All six
financial institutions in the facility expanded their commitments
while two new institutions joined the syndicate. The non-recourse
facility has an availability period into April 2024 and maturity in
April 2025. In September, Sunrun retired a warehouse facility which
was arranged by Vivint Solar in August 2019 for $570 million while
also retiring a $412 million warehouse facility following the most
recent asset backed security closing. The average applicable
financing cost for the retired facilities was approximately 100 bps
higher than the upsized facility announced today. Additional
details on the amendment can be found in the company’s filings with
the SEC on Form 8-K.
Forward Looking Statements
This communication contains forward-looking statements related
to Sunrun (the “Company”) within the meaning of Section 27A of the
Securities Act of 1933, and Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995. Such forward-looking statements include, but are not limited
to, statements related to: the Company’s business plan, market
leadership, competitive advantages, operational and financial
results and metrics (and the assumptions related to the calculation
of such metrics); the Company’s momentum in the company’s business
strategies, expectations regarding market share, customer value
proposition, market penetration, financing activities, financing
capacity, product mix, and ability to manage cash flow and
liquidity; and the growth of the solar industry. These statements
are not guarantees of future performance; they reflect the
Company’s current views with respect to future events and are based
on assumptions and estimates and are subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, performance or achievements to be materially different
from expectations or results projected or implied by
forward-looking statements. The risks and uncertainties that could
cause the Company’s results to differ materially from those
expressed or implied by such forward-looking statements include:
the impact of COVID-19 on the Company and its business and
operations; the successful integration of Vivint Solar; the
Company’s leadership team and ability to retract and retain key
employees; the availability of additional financing on acceptable
terms; changes in the retail prices of traditional utility
generated electricity; worldwide economic conditions, including
slow or negative growth rates in global and domestic economies and
weakened consumer confidence and spending; changes in policies and
regulations including net metering and interconnection limits or
caps; the availability of rebates, tax credits and other
incentives; the availability of solar panels, batteries, and other
components and raw materials; the Company’s ability to attract and
retain the Company’s relationships with third parties, including
the Company’s solar partners; the Company’s continued ability to
manage costs associated with solar service offerings; the Company’s
business plan and the Company’s ability to effectively manage the
Company’s growth and labor constraints; the Company’s ability to
meet the covenants in the Company’s investment funds and debt
facilities; factors impacting the solar industry generally, an and
such other risks and uncertainties identified in the reports that
we file with the U.S. Securities and Exchange Commission from time
to time. All forward-looking statements used herein are based on
information available to us as of the date hereof, and we assume no
obligation to update publicly these forward-looking statements for
any reason, except as required by law.
Investor & Analyst Contact:
Patrick JobinSVP, Finance & IRinvestors@sunrun.com
Sunrun (NASDAQ:RUN)
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