Sunnova’s Revolver Terms Tightened in New Deal With Creditors

Sunnova reached a deal to revise its EZOP credit facility, eliminating borrowing commitments and restricting cash use.

• About $172 million outstanding under Sunnova EZ-Own Portfolio (EZOP) revolver
• Lender commitments cut to $0; all advances now discretionary
• Sunnova barred from requesting new commitments or term extensions
• Payment waterfall modified
• Distributions prohibited until debt fully repaid
• Sunnova must pledge $60.9m in additional solar loans as collateral
• Extended event of default deadline to complete takeout transaction to April 21 from March 21
• Sunnova intends to enter into talks to refinance or restructure the facility
• NOTE: Sunnova Downgraded at Citi on ‘Unprecedented Challenges’

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