Shares in Sunnova Energy International Inc. (NYSE:NOVA) gained ground today, on news that its Sunnova Energy (SEC) arm intends to offer, subject to market conditions, $400 million aggregate principal amount of green senior notes due 2028 in a private placement to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended and to non-U.S. persons outside of the United States in reliance on Regulation S under the Securities Act.
The notes will be senior unsecured obligations of SEC, and interest will be payable semiannually in arrears. The notes will be guaranteed on a senior unsecured basis by Sunnova and Sunnova Intermediate Holdings, LLC.
SEC intends to allocate an amount equal to the net proceeds from the offering to finance or refinance, in whole or in part, existing or new eligible green projects, and pending such use, SEC will maintain or apply the net proceeds in accordance with its normal liquidity practices.
The notes have not been and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
NOVA shares sprang up 18 cents, or 1.6%, to $11.86.
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