E3 prices inaugural PACE deal

Home improvement finance company Energy Efficient Equity (E3) completed its $165m transaction Friday, breaking the silence that has hung over the primary market for Property Assessed Clean Energy securitizations since January.

  • By Jennifer Kang
  • 14 Jun 2019

The $145.5m senior 'A' tranche priced at 130bps over swaps, while the $4.5m class 'B' and $15m 'C' notes have been pre-placed. Kroll assigned a triple-A rating to the 'A' notes.

The deal consists mostly of residential PACE assets with a small balance of commercial sector deals. Natixis ...

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4 Goldman Sachs 2,276 6 8.71
5 Bank of America Merrill Lynch (BAML) 2,086 9 7.98

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