Sunnova Announces Proposed Private Offering of $425 Million of Convertible Senior Notes
Summary
HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (Sunnova) (NYSE: NOVA) today announced that it intends to offer, subject to market conditions, $425 million aggregate principal amount of convertible senior notes due 2028 (the notes) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act). Sunnova intends to use the remainder of the net proceeds from the offering for general corporate purposes, including, among other things, the funding of working capital, operating expenses, capital expenditures and the repayment of indebtedness.In connection with the pricing of the notes, Sunnova expects to enter into capped call transactions (the capped call transactions) with one or more of the initial purchasers or their respective affiliates and/or other financial institutions (the option counterparties). The capped call transactions are expected generally to reduce the potential dilution to Sunnovas common stock upon any conversion of notes and/or offset any cash payments Sunnova is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. In some cases, you can identify forward-looking statements because they contain words such as may, will, should, expects, plans, anticipates, going to, could, intends, target, projects, contemplates, believes, estimates, predicts, potential or continue or the negative of these words or other similar terms or expressions that concern Sunnovas expectations, strategy, priorities, plans or intentions. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnovas filings with the Securities and Exchange Commission, including Sunnovas annual report on Form 10-K for the year ended December 31, 2021 and subsequent quarterly reports on Form 10-Q.