Chadbourne & Parke LLP represented SolarCity in its sixth securitization, which closed on February 29, 2016. The US$57.45 million issue by SolarCity LMC Series V, LLC consisted of US$52.15 million of Class A notes rated BBB+ by KBRA and BBB by S&P and US$5.3 million of Class B notes rated BB+ by KBRA and BB by S&P, and securitizes a pool of residential solar energy systems primarily in an inverted lease tax equity structure. The LMC Series V Series 2016-1 transaction follows the SolarCity FTE Series 1, LLC Series 2016-A securitization, which closed on January 21, 2016.
Chadbourne partner Andrew Coronios, who led the Chadbourne team on these transactions, said, "These securitizations demonstrate not only the strength of SolarCity as an issuer but also the strength of the emerging distributed generation asset class generally in a volatile market where even more established ABS asset classes and issuers are facing headwinds in completing transactions."
Chadbourne has had the privilege of representing SolarCity in all six of its securitizations. SolarCity's first securitization in November 2013 was the industry's very first securitization of distributed (rooftop) solar energy assets.
The Chadbourne team was led by partner Andrew Coronios and included partners Sey-Hyo Lee and Richard Leder, counsel Christy Rivera, associates Ross Shepard and Margaret Weil, and law clerk Li Litombe.
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