Sunrun(RUN) GlobeNewswire·2025-01-28 21:56Core Viewpoint - Sunrun has successfully priced its first securitization of 2025, marking the second largest transaction in the industry's history, showcasing its strong execution in capital markets and ability to access competitively priced capital to support growth [2][3]. Securitization Details - The securitization consists of three classes of A rated notes (Class A-1, Class A-2A, and Class A-2B) and one class of BB rated notes (Class B) [3]. - Class A-1 notes total 276.5 million with a coupon of 6.41% [3]. - Class A-1 notes priced at a spread of 170 basis points and a yield of 6.035%, while Class A-2A notes priced at a spread of 200 basis points and a yield of 6.465% [3]. - The weighted average spread for Class A notes improved by 42 basis points compared to the previous securitization in September 2024 [3]. - The initial balance of Class A notes represents a 65.3% advance rate on the Securitization Share of ADSAB [3]. Portfolio and Customer Metrics - The notes are backed by a diversified portfolio of 39,458 systems across 20 states, Washington D.C., and Puerto Rico, covering 83 utility service territories [5]. - The weighted average customer FICO score is 738, indicating a strong credit profile among customers [5]. Transaction Timeline and Structure - The transaction is expected to close by February 5, 2025 [5]. - Sunrun plans to raise additional subordinated subsidiary-level non-recourse financing secured by distributions from the retained Class B notes, which is anticipated to increase the cumulative advance rate [4]. Involvement of Financial Institutions - ATLAS SP Partners served as the sole structuring agent and joint bookrunner alongside BofA Securities, Morgan Stanley, MUFG, and TD Securities [6].