Loan & DebtApr 28, 2026, 05:46 PM
RUN Prices $584M Securitization; Credit Spread Improves 20bps
AI Summary
Sunrun Inc. announced the pricing of its sixteenth securitization since 2015, and first in 2026, totaling $584 million. The transaction saw A-1 notes priced at a 220 basis point credit spread, a 20 basis point improvement from previous transactions. This securitization, backed by a diversified portfolio of 38,706 solar and storage systems, reflects strong demand for Sunrun's assets and its ability to access capital at improving terms.
Key Highlights
- Priced $584 million securitization of leases and power purchase agreements.
- A-1 notes priced at 220 basis point credit spread, a 20 basis point improvement.
- Class A-1 Notes totaled $234 million, publicly marketed.
- Class A-2 Notes totaled $350 million, privately placed.
- Class A Notes priced with a 6.30% coupon and 6.353% yield for A-1.
- Securitization backed by 38,706 systems with a weighted average customer FICO of 744.
- Expected weighted average life of Class A Notes is 6.88 years.