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SolarCity Announces Pricing Of Second Securitization

Stocks in this article: SCTY

SAN MATEO, Calif., April 3, 2014 (GLOBE NEWSWIRE) -- SolarCity® (Nasdaq:SCTY) today announced the pricing of the offering by its wholly-owned subsidiary, SolarCity LMC Series II, LLC, of $70,200,000 aggregate principal amount of Solar Asset Backed Notes, Series 2014-1 (the "notes") with an interest rate of 4.59% and an anticipated repayment date of April 2022. The notes were priced on April 2, 2014 and were offered only to persons who are both (i) qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended, and (ii) qualified purchasers as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, for purposes of Section 3(c)(7) of such Act. Credit Suisse acted as sole structuring agent and sole bookrunner for the transaction.

The sale of the notes is expected to close on April 10, 2014, subject to customary closing conditions.

The notes will be secured by, and payable solely from the cash flow generated by, a pool of photovoltaic systems and related leases and power purchase agreements and ancillary rights and agreements that will be owned by SolarCity LMC Series II, LLC. These notes will represent obligations solely of SolarCity LMC Series II, LLC, and will not be insured or guaranteed by SolarCity Corporation or any other affiliate thereof, or by any other person or entity.

The securities priced today have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, and there shall not be any offer or sale of these securities in any state in which such offer, solicitation or sale would be unlawful.

CONTACT: Media Contact
         Jonathan Bass
         (650) 963-5156
         press@solarcity.com

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