19 August 2015
Mayer Brown advised Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit Suisse Securities (USA) LLC as initial purchasers on an offering of $123 million of solar asset-backed notes of SolarCity LMC Series IV, LLC. The collateral included membership interests in four separate SolarCity financing funds, each also backed by a tax equity investor.
This breakthrough transaction provides a new way for solar finance assets previously tied up by tax-driven partnership flip structures to be monetized through asset-backed securities.
The Mayer Brown team was led by Banking & Finance partners Carol Hitselberger (Charlotte) and Stuart Litwin (Chicago) and included Tax Transactions & Consulting partners Jeffrey Davis (Washington DC) and Michael Marion (New York); and Banking & Finance associates Melissa Kilcoyne, Nadav Klugman and William Dunn (all Chicago).