Dividend Finance Inc (“Dividend” or the “Company”) closed its third residential solar loan securitization on December 7, 2018, issuing $103.45 million of asset-backed securities. In addition, the Company recently entered into a $150 million committed solar loan financing facility with Citibank, N.A.
, (“Citi”), a leading global financial institution, to support Dividend’s growing residential solar lending business.
“Dividend’s third securitization affirms our leadership in residential energy finance,” said Eric White, Dividend’s CEO. “In addition, we are proud to once again have issued ‘Green Bond’ securities as well as our second ‘AA’ rated solar loan bond.”
The $103,450,000 Dividend Solar Loan Backed Notes, Series 2018-2 (the “Notes”) were rated by Kroll Bond Rating Agency, Inc. (“KBRA”) and received “Green Bond” designations from Sustainalytics pursuant to the standards of the International Capital Market Association.
Citigroup Global Markets Inc. acted as sole structuring agent and sole bookrunner while Credit Suisse Securities (USA) LLC acted as co-manager. The Series 2018-2 securitization included $24,200,000 3.72% Class A Notes, $66,270,000 4.25% Class B Notes, $6,270,000 4.93% Class C Notes and $6,710,000 5.91% Notes, rated AA(sf), A(sf), BBB(sf) and BB(sf), respectively, by KBRA.
To date, the Company has now issued in excess of $330 million of solar loan backed notes since its first securitization in October 2017.
In addition, the Company recently entered into a $150 million committed solar loan financing facility with Citi to complement its previously-announced $100 million solar loan facility with Credit Suisse AG.