SolarCity Corp (SCTY) To Raise Nearly $400M From Stocks And Bonds
SolarCity Corp (NASDAQ:SCTY) may raise almost $400 million from the sale of shares and a new bond. SolarCity will issue $200 million of their 2.75% convertible notes and will offer 3.4 million at a price of $46.54 per share. This would net SolarCity around $396.6 million.
SolarCity Corp (NASDAQ:SCTY) announced earlier this week that they would be doubling their anticipated 2013 tally of installs of 278MW to between 475-525MW in 2014. SolarCity will likely use the funds from this sale for the expansion.
SolarCity recently acquired solar sales company Paramount Solar for $120 million to increase customer acquisition. SolarCity also bought mounting manufacturer Zep Solar for $158 million so that they could cut down costs.
SolarCity had about $1.74 billion in 72,000 solar energy contracts as of September 30th.