Item 1.01 Entry into a Material Definitive Agreement.
On October 8, 2021, a wholly owned subsidiary of Sunrun Inc. (the "Company")
entered into an amendment (the "Amendment") to a syndicated, senior secured
credit facility which was entered into with various lenders on April 20, 2021
and was first amended on May 5, 2021 (as amended, the "Credit Facility"). The
Credit Facility was filed on August 5, 2021 as Exhibits 10.20 and 10.30 to the
Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30,
2021. The Credit Facility had commitments of $800 million, is non-recourse to
the Company and is secured by net cash flows from power purchase agreements and
leases available to the borrower after distributions to tax equity investors and
payment of certain operating, maintenance and other expenses, and matures on
April, 20, 2025.
The Amendment amends certain terms of the Credit Facility, including:
•reducing the interest rate (i) for the period from the date of the Amendment to
April 20, 2024 from the applicable index (LIBOR or SOFR) + 250 basis points to
the applicable index + 200 basis points and (ii) for the period from and after
April 20, 2024, from the applicable index + 350 basis points to the applicable
index + 300 basis points; and
•increasing total loan commitments available by $1,000,000,000, bringing the
total commitments to $1,800,000,000.
The foregoing description of the Amendment is qualified in its entirety by
reference to the full text of the Amendment, a copy of which the Company plans
to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter
ending September 30, 2020.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 is incorporated herein by reference.
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