Deal Description: On December 23, 2019, Sunnova Energy International Inc. (NYSE: NOVA) (“Sunnova”) closed a private placement of $55 million aggregate principal amount of Sunnova’s new 7.75% convertible senior notes (the “Convertible Senior Notes”) in an offering exempt from registration pursuant to Section 4(a)(2) and Rule 506 of Regulation D of the Securities Act of 1933, as amended. Sunnova granted the investors an option, subject to Sunnova’s consent, to purchase up to an additional $20 million aggregate principal amount of the Convertible Senior Notes on the same terms and conditions, which option will expire on March 31, 2020.
Funds managed by Magnetar Capital and Tortoise Capital Advisors, L.L.C. were the initial investors in the private placement.
Baker Botts L.L.P. represented Sunnova Energy International Inc. in the private placement.
Client: Sunnova Energy International Inc.
Value: $75 million
Baker Botts Lawyers/Office Involved:
- Corporate: Travis Wofford (Partner, Houston); Justin Hoffman (Partner, Houston); Jack Chadderdon (Associate, Houston); Joshua Dunegan (Associate, Houston)
- Tax: Michael Bresson (Partner, Houston); Jon Nelsen (Partner, Austin); David Morris (Senior Associate, Palo Alto)
For more information, please see Sunnova’s news release by clicking here.
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