Sunnova to issue up to $575 million in convertible bonds

US residential solar and battery storage company Sunnova Energy International announced its plans to issue convertible senior notes with an aggregate principal amount of up to $575 million. The bonds are due December 1, 2026, will be offered in a private placement subject to external factors. The total amount includes $500 million in bonds and an option for initial purchasers to buy up to an additional $75 million of the notes within 13 days of the issue of the bond. Further, the bonds will be convertible into cash or common shares in Sunnova at a par value of $0.0001. It can even be converted into a combination of cash and stock.

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