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Press release from GlobeNewswire (a Nasdaq OMX company)

SolarCity Closes Offerings of Common Stock and 2.75% Convertible Senior Notes

Monday, October 21, 2013

SolarCity Closes Offerings of Common Stock and 2.75% Convertible Senior Notes

08:36 EDT Monday, October 21, 2013

SAN MATEO, Calif., Oct. 21, 2013 (GLOBE NEWSWIRE) -- SolarCity Corp. (Nasdaq:SCTY) today announced the closing of offerings of 3,910,000 shares of common stock at a price of $46.54 per share and $230.0 million aggregate principal amount of its 2.75% convertible senior notes due 2018, including the full exercise of the underwriters' options to purchase additional shares of common stock and notes. SolarCity received aggregate net proceeds, after deducting underwriting discounts and commissions and estimated offering expenses, of approximately $396.6 million.

The notes are unsecured, unsubordinated obligations of SolarCity, and interest will be payable semi-annually at a rate of 2.75% per year. The initial conversion rate is 16.2165 shares of common stock per $1,000 principal amount of the notes (which is equivalent to an initial conversion price of approximately $61.67 per share). The notes will be convertible at any time until maturity.

Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and J.P. Morgan Securities LLC acted as joint book-running managers for the offering of common stock. Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC and BofA Merrill Lynch acted as joint book-running managers for the notes offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the applicable registration statement or prospectus.

CONTACT: Investor Relations Contact:
Aaron Chew
(650) 963-5662
investors@solarcity.com
Media Contact:
Jonathan Bass
(650) 963-5156
press@solarcity.com

SolarCity Corporation logo

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