Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



SolarCity Closes Common Stock and Convertible Notes Issues

Watch stocks you care about

The single, easiest way to keep track of all the stocks that matter...

Your own personalized stock watchlist!

It's a 100% FREE Motley Fool service...

Click Here Now

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.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2692419, ~/Articles/ArticleHandler.aspx, 9/25/2016 10:34:33 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 2 days ago Sponsored by:
DOW 18,261.45 -131.01 -0.71%
S&P 500 2,164.69 -12.49 -0.57%
NASD 5,305.75 -33.78 -0.63%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/23/2016 4:00 PM
SCTY $19.24 Up +0.53 +2.83%
SolarCity CAPS Rating: ***