Sunnova Energy International’s $75 Million Private Placement of Convertible Notes

Sunnova Energy International's $75 Million Private Placement of Convertible Notes

Baker Botts L.L.P. represented Sunnova Energy International, Inc. in the private placement.

On December 23, 2019, Sunnova Energy International Inc. (NYSE: NOVA) closed a private placement of $55 million aggregate principal amount of Sunnova’s new 7.75% convertible senior notes in an offering exempt from registration pursuant to Section 4(a)(2) and Rule 506 of Regulation D of the Securities Act of 1933, as amended. Sunnova granted the investors an option, subject to Sunnova’s consent, to purchase up to an additional $20 million aggregate principal amount of the Convertible Senior Notes on the same terms and conditions, which option will expire on March 31, 2020.

Funds managed by Magnetar Capital and Tortoise Capital Advisors, L.L.C. were the initial investors in the private placement.

The Baker Botts team included Travis Wofford (Picture), Justin Hoffman, Jack Chadderdon, Joshua Dunegan, Michael Bresson, Jon Nelsen and David Morris.

Involved fees earner: Michael Bresson – Baker Botts; Jack Chadderdon – Baker Botts; Joshua Dunegan – Baker Botts; Justin Hoffman – Baker Botts; David Morris – Baker Botts; Jon Nelsen – Baker Botts; Travis Wofford – Baker Botts;

Law Firms: Baker Botts;

Clients: Sunnova Energy International Inc;

Author: Ambrogio Visconti