- Hungry for more cash to finance the expansion of its burgeoning solar installation business, SolarCity (SCTY +3.1%) is planning to sell $94-$108M worth of stock (2.8M-3.2M shares at $33.69, above SolarCity's current trading price), and issue $100M worth of convertible senior notes due 2018 ($115M if an overallotment option is fully exercised). (S-1s: I, II)
- SolarCity announced a $175M convertible debt offering in June. Shortly before that, the company obtained a $100M loan to help finance panel installations, and reached a $500M+ financing deal with Goldman.
- SolarCity had $271.4M in debt on its balance sheet at the end of Q2, and $165.6M in cash/equivalents. The company recently announced it's buying channel partner Paramount Solar for $120M, but that deal is mostly being paid for with stock.