SolarCity Proposes $54.4 Million Securitization Placement

SolarCity Corp., the second-largest U.S. solar company by market capitalization, rose after seeking a buyer for $54.4 million of asset-backed notes in a private placement.

SolarCity jumped 11 percent to $60.97 a share at the close in New York.

The notes, with a scheduled maturity date of December 2026, would be secured by a pool of solar systems, related leases and power-purchase agreements and other rights and agreements, the San Mateo, California-based company said today in a statement.

Additional details could not be provided due to Securities and Exchanges Commission rules, Jonathan Bass, a SolarCity spokesman, said in an e-mail today.

First Solar Inc. is the largest U.S. solar company.

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