Debt Capital Markets
Senior Secured Credit Facilities
|Client & Transactional Partners||
Coordinating Lead Arranger
On December 23, 2022, KeyBanc Capital Markets (KBCM) successfully closed $600 million of Senior Secured Credit Facilities (the Facilities) for Sunrun. The Facilities comprised a $575 million Delayed Draw Term Loan and a $25 million Letter of Credit. Proceeds were used to recapitalize a portfolio of residential solar assets (the Portfolio) for Sunrun. KBCM acted as Coordinating Lead Arranger and Administrative Agent on the transaction.
The Portfolio comprises approximately 49,000 residential solar Leases and Power Purchase Agreements (collectively “Customer Agreements”) totaling 343 MW-dc of generating capacity across 22 U.S. states and Puerto Rico. Cash flows are generated under these long-term Customer Agreements with 22 years of weighted-average contract life remaining, plus payments from performance-based incentive programs in Connecticut, Massachusetts, and New Jersey.