Deal Description: On May 17, 2021, Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA) announced an offering of $500 million aggregate principal amount of 0.25% Convertible Senior Notes due 2026 (plus up to an additional $75 million principal amount pursuant to the initial purchasers’ option to purchase additional notes) (the “notes”). The notes will be issued in a private placement to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933.
Sunnova intends to use the net proceeds to fund the cost of entering into the capped call transactions described below. Sunnova expects to use the remainder of the net proceeds from this offering to repay outstanding debt, for other general corporate purposes and to finance or refinance, in whole or in part, recently completed, pending or future Eligible Green Projects. “Eligible Green Projects” include expenditures for renewable energy and energy efficiency.
Baker Botts L.L.P. represented Sunnova in the private offering of the notes.
Baker Botts Lawyers/Offices Involved:
- Corporate: Justin Hoffman (Partner, Houston); Travis Wofford (Partner, Houston); Joshua Davidson (Partner, Houston); Garrett Hughey (Associate, Houston); Parker Hinman (Associate, Houston); Malakeh Hijazi (Associate, Houston); Robert Cowan (Associate, Houston); Regan Vicknair (Associate, Houston)
- Tax: Michael Bresson (Partner, Houston); David Morris (Special Counsel, Palo Alto)
For more information, please see Sunnova’s news release regarding the pricing of the private offering of notes by clicking here.
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