Deal Description: Sunnova Energy Corporation announced today the closing of a private placement by its subsidiary, Helios Issuer, LLC, of approximately $255 million aggregate principal amount of asset-backed notes and two warehouse credit facilities in an aggregate principal amount of $360 million. The notes financing represents Sunnova’s first asset-backed notes securitization and the largest distributed generation lease/PPA solar securitization issued into the ABS capital markets to date.
Credit Suisse Securities (USA) LLC acted as sole structuring agent and sole bookrunner for the asset-backed notes securitization.
Baker Botts represented Sunnova Energy Corporation in the transaction.
Client: Sunnova Energy Corporation
Outside Counsel to Sunnova Energy Corporation: Baker Botts L.L.P.
In-house Counsel to Sunnova Energy Corporation: George Fibbe; Sean Salisbury
Other Parties: Credit Suisse Securities (USA) LLC acted as sole structuring agent and sole bookrunner for the asset-backed notes private placement
Outside Counsel to Other Parties: Kramer Levin acted as counsel to Credit Suisse Securities (USA) LLC in the private placement; Chapman and Cutler LLP acted as counsel to Credit Suisse Securities (USA) LLC for the warehouse facilities.
Value: $615 million
Baker Botts Lawyers/Office Involved:
- Corporate: Josh Davidson (Partner, Houston); Travis Wofford (Senior Associate, Houston); Sarah Dodson (Associate, Houston); Jennifer Gasser (Associate, Houston); Ruchira Podali (Associate; Houston)
- Finance: Martin Toulouse (Partner, New York); Emanuel Grillo (Partner, New York); William Stutts (Senior Counsel, Austin); Jon Finelli (Senior Associate, New York); Peter Glenn (Associate, New York); Whitney Blazek (Associate, Dallas); Josh Espinosa (Associate, Dallas)
- Tax: Michael Bresson (Partner, Houston); Renn Neilson (Partner, Houston); Jon Nelsen (Partner, Austin); David Morris (Associate, Houston); Bucky Brannen (Associate, Dallas)
- Counsel: Danny David (Partner, Houston)
For more information, please see Sunnova’s news release by clicking here.
# # #About Baker Botts LLP
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