Sunnova Energy International’s $500 Million Offering of Convertible Senior Notes

Baker Botts LLP advised Sunnova Energy International Inc. on the deal while Vinson & Elkins LLP represented the initial purchasers.

Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA) announced an offering of $500 million aggregate principal amount of 0.25% Convertible Senior Notes due 2026 (plus up to an additional $75 million principal amount pursuant to the initial purchasers’ option to purchase additional notes) (the “notes”). The notes will be issued in a private placement to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933.

Sunnova intends to use the net proceeds to fund the cost of entering into the capped call transactions described below. Sunnova expects to use the remainder of the net proceeds from this offering to repay outstanding debt, for other general corporate purposes and to finance or refinance, in whole or in part, recently completed, pending or future Eligible Green Projects. “Eligible Green Projects” include expenditures for renewable energy and energy efficiency.

The initial purchasers were: Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., Credit Suisse Securities (USA) LLC, B. Riley Securities, Inc., Robert w. Baird & Co. Incorporated, C. and Roth Capital Partners, LLC.

The Baker Botts team included: Justin Hoffman (Partner, Houston, Picture); Travis Wofford (Partner, Houston); Joshua Davidson (Partner, Houston); Garrett Hughey (Associate, Houston); Parker Hinman (Associate, Houston); Malakeh Hijazi (Associate, Houston); Robert Cowan (Associate, Houston); Regan Vicknair (Associate, Houston); Michael Bresson (Partner, Houston); David Morris (Special Counsel, Palo Alto).

The V&E corporate team was led by partners David Oelman and David Stone, with assistance from counsel Crosby Scofield, senior associate Brett Peace and associates Audrey Bartosh, Nina Bhatia, Andrea Siso and Kathy Phan. Also advising were partner Wendy Salinas and counsel Debra Duncan; partner Matt Dobbins and associate Kevin Moscon; counsel Damien Lyster and associate Ryan Hoeffner; and partner Devika Kornbacher, senior associate Ben Cukerbaum and associate Briana Falcon.

Involved fees earner: Michael Bresson – Baker Botts LLP; Robert Cowan – Baker Botts LLP; Joshua Davidson – Baker Botts LLP; Malakeh Hijazi – Baker Botts LLP; Parker Hinman – Baker Botts LLP; Justin Hoffman – Baker Botts LLP; Garrett Hughey – Baker Botts LLP; David Morris – Baker Botts LLP; Regan Vicknair – Baker Botts LLP; Travis Wofford – Baker Botts LLP; Audrey Bartosh – Vinson & Elkins LLP; Nina Anne Bhatia – Vinson & Elkins LLP; Benjamin Cukerbaum – Vinson & Elkins LLP; Matthew Dobbins – Vinson & Elkins LLP; Debra Duncan – Vinson & Elkins LLP; Ryan Hoeffner – Vinson & Elkins LLP; Devika Kornbacher – Vinson & Elkins LLP; Damien Lyster – Vinson & Elkins LLP; David Palmer Oelman – Vinson & Elkins LLP; Brett Peace – Vinson & Elkins LLP; Kathy Phan – Vinson & Elkins LLP; Crosby Scofield – Vinson & Elkins LLP; David Stone – Vinson & Elkins LLP; Wendy Trahan Salinas – Vinson & Elkins LLP;

Law Firms: Baker Botts LLP; Vinson & Elkins LLP;

Clients: B. Riley Securities; Bank of America Securities; Credit Suisse Securities (USA) LLC; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Robert W. Baird & Co.; Roth Capital Partners, LLC; Sunnova Energy International Inc;

Author: Martina Bellini