Sunnova Evaluating Options for Deeply Discounted Debt, CEO Says [BNN Bloomberg (Canada)]
Moelis & Company Class A (MC)
Last moelis & company class a earnings: 4/22 04:15 pm
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Source: BNN Bloomberg
“Our corporate debt clearly is trading at very deep discounts,” John Berger said during a conference call Thursday to discuss Sunnova's latest results. “We are, as you would expect, evaluating the opportunities that that presents.” The comments came as Bloomberg reported Wednesday that Sunnova is huddling with investment bank Moelis & Co. for advice on addressing its upcoming maturities. Shares rose 19% to $4.19 as of 10:35 a.m. Thursday in New York, erasing the prior session's 16% plunge in the wake of the Bloomberg report. Sunnova's stock closed at a record low Wednesday. The company carries around $7.5 billion of long-term debt, including a $400 million bond that's callable next month. The note is priced around 59 cents on the dollar, according to Trace, after also hitting a record low Wednesday. Rooftop solar firms are contending with high interest rates that have made it more expensive for people to install panels. US residential installations are projected to decline 13
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