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Elon Musk and Cousins are Buying $100m of SolarCity Bonds

As reported by PV Buzz today (link below)

elon musk photo

Elon Musk to personally buy USD 65m of SolarCity’s solar bonds Photo by Heisenberg Media

Elon Musk will buy USD 65 million (EUR 57.6m) worth of SolarCity (NASDAQ:SCTY) bonds in the latest issuance announced by the U.S solar installer.

The company began offering a $124 million bond package on Aug. 17, according to a SolarCity filing. The 6.5 percent bonds will be senior unsecured obligations of the company, and will be due in February 2018.

Co-founders of SolarCity Lyndon Rive and Peter Rive will also buy USD 17.5 million each.

“Musk is infusing even more of his money,” Nathan Serota, an analyst at Bloomberg New Energy Finance, said Tuesday. “SolarCity is burning through a lot of cash and they need cash.” Musk is SolarCity’s chairman and largest shareholder. Lyndon Rive is the seventh-biggest shareholder and his brother is the eighth-biggest, according to data compiled by Bloomberg.

Read More at the Source: Elon Musk and Co are buying $100m of solarcity bonds | pvvbuzz media

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