© 2017 The Texas Lawbook.
By Natalie Posgate
(April 25) – A group of Houston, Dallas and Austin-based lawyers from Baker Botts advised Sunnova Energy Corp. in a record-setting funding round that marked the Houston rooftop solar energy provider’s first asset-backed notes securitization and raised $615 million.
The record-setting component of the funding round entailed a $255 million private placement by Sunnova’s subsidiary, Helios Issuer, of asset-backed notes. Sunnova raised the other $360 million via two warehouse credit facilities.
Houston partner Josh Davidson spearheaded the Baker Botts corporate deal team that led the transactions for Sunnova. Also on the team were Houston associates Travis Wofford, Sarah Dodson, Jennifer Gasser and Ruchira Podali.
Austin senior counsel William Stutts and Dallas associates Whitney Blazek and Josh Espinosa advised on finance matters; Houston partners Michael Bresson and Renn Neilson, Austin partner Jon Nelsen and Houston and Dallas associates David Morris and Bucky Brannen advised on tax matters; and partner Danny David advised on securities litigation matters tied to the deal.
Several of these Baker Botts lawyers (including Davidson) represented Sunnova last March when it secured a $300 million equity financing from Energy Capital Partners. That deal was led by Wofford.
Credit Suisse Securities acted as the sole structuring agent and bookrunner in the private placement as well as the warehouse facilities. New York firm Kramer Levin advised Credit Suisse on the private placement, while Chicago firm Chapman and Cutler advised Credit Suisse on the warehouse facilities.
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