SolarCity announces IPO details
US PV installer SolarCity has announced further details of a planned public offering of shares. The pricing of 3,400,000 shares of common stock will be set at a price of $46.54 per share and $200.0 million aggregate principal amount of its 2.75% convertible senior notes due 2018 in concurrent underwritten registered public offerings. In addition, SolarCity has granted the underwriters a 30-day option to purchase up to an additional 510,000 shares of common stock and $30.0 million in aggregate principal amount of the notes. The sale of the shares of common stock and the notes are expected to close on October 21, 2013, subject to the satisfaction of customary closing conditions. The offering of the common stock is contingent upon the successful completion of the offering of the notes, and the offering of the notes is contingent upon the successful completion of the offering of the common stock.
Upon closing, SolarCity will receive aggregate net proceeds, after deducting underwriting discounts and commissions and estimated offering expenses of approximately $344.8 million. If the options granted to the underwriters are exercised in full, SolarCity will receive additional aggregate net proceeds of approximately $396.6 million.
Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering of common stock. Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC and BofA Merrill Lynch are acting as joint book-running managers for the notes offering.
