Mosaic will continue to be a frequent issuer in the securitization market. More than $3.5 billion in solar loans have been funded through the Mosaic platform since its inception in 2012. "We are proud to be acknowledged by our peers in the capital markets and appreciate the commitment of the banks that took this transaction to market." "Solar asset-backed securities are rising in popularity as institutional investors recognize their value for longer-term yield," said Alex Kaplan, senior director of capital markets for Mosaic. Given the strong oversubscription, all tranches priced inside initial guidance levels. The notes are backed by $315 million of solar loans with a weighted average FICO score of 753. "This securitization represents the highest level of investor demand we have ever seen and demonstrates the market's appetite for our clean energy-backed assets."Ĭlosed on June 25, the $280 million offering consists of four tranches of notes rated by Kroll Bond Rating Agency from "AA-" to "BB+" with weighted average lives ranging from 1.95 to 5.06 years. It is also a testament to how the financial markets value Mosaic's consistent performance and high quality standards," said Billy Parish, founder and CEO of Mosaic. "Our ability to securitize solar loans in this challenged market environment is a vote of confidence in solar energy as an asset class. structured finance, and nearly 2,300 market experts cast votes to determine the winners. The award honors outstanding achievement in U.S. Mosaic was also recently named winner of the "Esoteric ABS Deal of the Year" by GlobalCapital for its November 2019 $208 million Mosaic Solar Loans 2019-2 transaction. ![]() With overwhelming investor interest in Mosaic's high-quality assets, the offering was multiple times oversubscribed and was placed with over 25 institutional investors, deepening the relationship with existing investors and attracting nine new participants. ![]() OAKLAND, Calif., J/PRNewswire/ - Mosaic, a leading provider of financing solutions for residential solar and energy-efficient home improvement projects in the U.S., today announced it has closed a $280 million securitization of residential solar loans.
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