Summary by Moomoo AI
On February 22, 2024, Sunrun Inc. entered into a purchase agreement with Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC to issue $475 million of 4.00% Convertible Senior Notes due 2030 in a private placement to qualified institutional buyers. The sale, which closed on February 27, 2024, also included an option for the purchase of an additional $75 million of notes. Sunrun used part of the proceeds to repurchase $97.5 million of its 0% Convertible Senior Notes due 2026 and to pay for capped call transactions. The remainder will be used for general corporate purposes, including debt repayment, working capital, and potential acquisitions, although no specific plans have been announced. The notes are senior unsecured obligations and will rank equally with Sunrun's future unsecured indebtedness. The notes will mature on March 1, 2030, and are convertible into cash, shares of Sunrun's common stock, or a combination thereof. Sunrun also entered into capped call transactions to reduce potential dilution from the conversion of the notes.
