SolarCity (SCTY) Enters $100M Loan Agreement

On June 7, 2013, a subsidiary of SolarCity Corporation (Nasdaq: SCTY) entered into a financing (the “Loan”) with certain lenders, Credit Suisse Securities (USA) LLC, ING Capital LLC and Rabobank, N.A., as joint lead arrangers, and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent. The Loan is financed against certain periodic rents due under a master lease with a tax equity investor and customer payments in the post-lease period.

The Loan is non-recourse to SolarCity and matures on June 7, 2015. The Loan is an aggregation facility backed by high quality, long-term customer receivables that allows SolarCity to deploy, aggregate and season a defined pool of assets.
The Loan allows Borrower to borrow up to $100,000,000 and also permits Borrower to increase that commitment in an aggregate amount not to exceed an additional $50,000,000. The availability of such additional capacity is subject to, among other things, the absence of any default under the loan documents governing the Loan and receipt of commitments from existing lenders or other financial institutions.

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