Dividend Finance, LLC (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 Dividends growing residential solar lending business.
Dividends third securitization affirms our leadership in residential energy finance, said Eric White, Dividends 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.
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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.
About Dividend Finance
Dividend is a leading national provider of renewable energy and energy-efficiency financing solutions for property owners through a suite of residential solar, home improvement and Commercial PACE financing products. The Company pioneered the residential solar financing landscape in 2014 with the launch of its EmpowerLoan product for financing residential solar installations and continues to expand its product offerings into the home improvement market. In addition to its industry-leading suite of financial products, Dividend has developed a comprehensive technology platform for installation partners and homeowners to streamline the financing process and manage financed project fulfillment. Learn more by visiting www.dividendfinance.com.
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