Mosaic completes securitization of $ 331 million solar loan
OAKLAND, California., April 1, 2021 / PRNewswire / – Mosaic, the leading funding platform for solar residential and energy efficient home improvement projects in the United States, today announced the closing of a $ 331 million securitization of residential solar loans. The offering included 26 unique investors, including insurance companies, fund managers, banks, pension funds and hedge funds, making it the company’s most successful issue to date.
“We were delighted to exceed expectations in terms of spreads, coupons and all-in returns,” said Billy parish, founder and CEO of Mosaic. “The performance of our senior class of notes in this translation was within 100 basis points, which we believe is an industry first. This low cost of funds will benefit our partners and owners as we continue to offer the most innovative financial products in the country. market.”
The transaction closed on March 10, 2021 and consisted of four classes of notes rated by Kroll Bond Rating Agency from “AA-” to “BB-” with a weighted average maturity ranging from 2.82 to 5.11 years. Deutsche Bank was the structuring agent and bookrunner for MSAIC 2021-1, and the Royal Bank of Canada and BNP Paribas were associated bookkeepers. The bonds comply with the principles of green bonds, according to Sustainalytics US, Inc.
This securitization follows that of Mosaic recent overtaking announcement $ 4 billion in financed loans via its platform since 2012. The Mosaic Solar Loans 2021-1 (“Mosaic 2021-1”) transaction is Mosaic’s ninth loan securitization to date, which is more than any other solar loan issuer in the space.
Mosaic makes financing solar, solar and energy storage systems and other home improvements accessible and affordable for homeowners by providing the industry’s easiest borrowing experience. Clients are referred by licensed solar installers and home improvement contractors and can instantly qualify for no down payment loans with fixed interest rates and multiple term options. For our network of hundreds of solar installers and home improvement contractors, Mosaic provides a streamlined financing platform to drive sales growth. Funding requested and processed through the Mosaic platform comes from Solar Mosaic, Inc. or one of its loan / financing partners. Since 2012, Mosaic has helped more than 125,000 homes switch to solar energy with its financing products. For more information visit: joinmosaic.com.