Sunrun Inc. announced the pricing of a $431 million senior securitization of leases and power purchase agreements, marking its fourteenth public securitization since 2015 and third issuance in 2025. This transaction involves the refinancing of a seasoned pool of residential solar assets, demonstrating Sunrun's ongoing ability to manage its financial portfolio.
The securitization was structured with two classes of A- rated notes and a single class of BB- rated note, which was retained. The $331 million Class A-1 Notes were publicly marketed and priced with a coupon of 6.15%, reflecting a spread of 240 basis points and a 6.374% yield.
The notes are backed by a diversified portfolio of 63,318 systems distributed across 12 states and Washington D.C., covering 40 utility service territories, with a weighted average customer FICO score of 757. The transaction is expected to close by July 30, 2025, providing continued access to capital for Sunrun's operations.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.