09:35 AM EDT, 04/10/2024 (MT Newswires) -- Sunrun ( RUN ) said Wednesday that it has priced a $230 million of notes maturing in 2055 and containing securitized leases and power purchase agreements issued by the residential solar power equipment company.

The company said the leases and power purchase agreements have been in service for an average of 6.75 years and have a remaining contractual life of 13.25 years, with the vast majority of the portfolio already past the "flip point" in tax equity structures.

The latest asset-backed securities transaction priced at a credit spread of 195 basis points, marking an improvement of 37.5 basis points over the company's most recent privately placed senior securitization in February and representing the lowest spread for similarly rated transactions across the sector since 2021, Sunrun ( RUN ) said.

Sunrun ( RUN ) shares were sinking more than 7% in recent Wednesday trading.

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