SolarCity Closes Common Stock and Convertible Notes Issues

The sun is shining on SolarCity (NASDAQ: SCTY  ) , at least as far as its capital raising efforts are concerned. The company announced it has closed simultaneous issues of its common stock and convertible notes. The former saw the firm sell 3.91 million shares of stock at $46.54 apiece, while the latter totaled $230 million in principal amount of 2.75% notes maturing in 2018. 

The underwriters of the issue fully exercised their option to purchase additional shares and notes. All told, SolarCity received net proceeds of roughly $396.6 million from the two offerings.

The company intends to use its take "for general corporate purposes, including working capital, capital expenditures, potential acquisitions and strategic transactions."

The joint book-running managers for the common stock issue were Goldman Sachs, Credit Suisse (NYSE: CS  ) Securities, Bank of America (NYSE: BAC  ) unit Merrill Lynch, and JPMorgan Chase's (NYSE: JPM  ) J.P. Morgan Securities. The first three entities also acted as joint book-running managers for the notes offering.

SolarCity had anticipated having nearly 81.7 million shares of common stock outstanding following the issue. That stock most recently closed far above the offering's price, at $57.52 per share.


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