04:51 AM EDT, 09/18/2024 (MT Newswires) -- Sunrun ( RUN ) said Tuesday that it has priced a securitization of about $365 million of leases and power purchase agreements.

The transaction, expected to close by Sept. 26, was structured with two classes of publicly placed A+ rated notes and a single class of BB rated notes, which were retained.

The $75 million 5.49% Class A-1 notes and the $290.4 million 5.88% Class A-2 notes were both marketed in a public asset backed securitization and were oversubscribed, the company said.

The Class A-1 and Class A-2 notes have an expected weighted average life of 4.83 years and 6.99 years, respectively, along with an expected repayment date of Oct. 30, 2031, and a final maturity date of Oct. 30, 2059.

The company said it expects to raise additional financing, in part by distributing the retained Class B notes, to increase the cumulative advance rate which is 73.8% for the initial balance of Class A notes.

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