Business Context and Reporting Period
This Form 8-K filing by Hannon Armstrong Sustainable Infrastructure Capital, Inc. (the "Company") reports events occurring on December 20, 2013, with the report dated December 27, 2013. The Company operates in the sustainable infrastructure sector, focusing on wind, solar, and energy efficiency installations.
Key Financial Metrics and Transaction Details
The filing details a significant financing transaction rather than periodic financial results. Key metrics include:
- Transaction Size: $100,000,000 principal balance.
- Instrument: Securitization notes issued by wholly owned subsidiaries (HASI SYB I LLC and HAT SYB I LLC).
- Coupon Rate: 2.79%.
- Maturity Date: December 2019.
- Collateral: Secured by cash flows from more than 100 individual wind, solar, and energy efficiency installations.
- Role: The Company acts as the servicer for this securitization.
Material Changes and Prepayment Terms
The creation of this direct financial obligation represents a material change in the Company's capital structure. The notes include specific prepayment provisions:
- Until December 2018: Prepayment is permitted with a make-whole provision equal to all remaining principal and interest payments, discounted at the comparable-maturity treasury yield plus 0.5%.
- After December 2018: Prepayment is permitted with no make-whole penalty until the December 2019 maturity.
Guidance, Outlook, and Risks
On December 27, 2013, the Company made a presentation available on its website under Regulation FD Disclosure. This presentation contains forward-looking statements regarding the Company's business, industry, management, and financial results. The filing explicitly states that these statements involve known and unknown risks that could cause actual results to differ materially from expectations. The Company disclaims any obligation to update these forward-looking statements.
Investor Verification Checklist
- Verify the closing of the $100 million securitization transaction on December 20, 2013.
- Confirm the specific composition of the collateral pool (100+ installations) and its performance metrics.
- Review the December 27, 2013 investor presentation on the Company's website for detailed forward-looking statements and risk factors.
- Monitor the Company's ability to service the notes and manage the underlying assets.