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Sep 19, 2024 13:49 CESTUS residential solar and battery storage company Sunnova Energy International Inc (NYSE:NOVA) intends to launch a USD-425-million (EUR 418.2m) placement of convertible senior notes, aiming to repay debt and cover operating expenses.
The securities are planned to be sold in a private offering among institutional investors, Sunnova said on Monday. Maturing on February 15, 2028, the notes will be convertible into cash, shares of Sunnova’s common stock, or a combination of both.
The initial purchasers in the transaction will be granted an option to buy an additional amount of notes for a total of USD 75 million. The option will be available within 13 days from the start of the issuance.
Sunnova said it will use the raised funds to pay costs related to several capped call transactions seen to reduce the potential dilution to Sunnova’s common stock, while the rest will be allocated for the company’s general corporate needs. These will include working capital requirements, operating costs, capital expenditures and debt repayment.
The senior unsecured notes will bear an interest that will be determined at the time of pricing the offering, together with the initial conversion rate. The interest will be distributed semi-annually.
(USD 1.0 = EUR 0.984)
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