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SolarCity looks to raise $223.5m selling shares and notes

30 Aug 2013

The US’ third largest solar company, SolarCity, is aiming to raise up to $223.5m through an offering of shares and convertible notes.

SolarCity will offer 2.8m shares at $33.69 each, and underwriters Goldman Sachs, Credit Suisse, and Bank of America will have the option to purchase a further 420,000 shares within 30 days, SolarCity said in a filing with the US Securities and Exchange Commission.

The company is additionally selling $100m in convertible notes in a concurrent offering. If the underwriters exercise an overallotment option, that amount could increase to $115m.

CEO Lyndon Rive and Tesla founder Elon Musk plan to buy a combined 550,000 shares from the underwriters. Musk owns 27 per cent of SolarCity, while Musk’s cousin Rive owns 3.5 per cent.

After the offering, 81.08m SolarCity shares will be outstanding.

SolarCity owns and operates rooftop solar systems, allowing homeowners and commercial customers to switch to green energy while typically paying little or no upfront costs.

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