Sunrun Prices $629 million Senior Securitization of Residential Solar & Battery Systems

Core Insights - Sunrun has successfully priced its first securitization transaction of 2025, marking the second largest in the industry's history, showcasing strong execution in capital markets [2][3] - The transaction includes three classes of A rated notes and one class of BB rated notes, with a total of $628.5 million in Class A notes and a retention of Class B notes [3][4] - The Class A-1 and Class A-2A notes were oversubscribed, with coupons of 5.99$102.0 million, while Class A-2A notes total $276.5 million, and Class A-2B notes are privately placed at$250.0 million [3] - The weighted average spread for Class A notes is 192 basis points, with an expected weighted average life of 4.58 years for Class A-1 and 7.12 years for Class A-2A [3] - The anticipated repayment date for both classes of notes is April 30, 2032, with a final maturity date of April 30, 2060 [3] Asset Backing and Portfolio - 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 for the portfolio is 738, indicating a strong credit quality [5] Strategic Partnerships - ATLAS SP Partners served as the sole structuring agent and joint bookrunner for the securitization, highlighting a strong partnership with Sunrun [6][7] - The collaboration aims to enhance the efficiency of large transactions in the capital markets, supporting the growth of the solar industry [7]