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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:center;margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;color:#auto;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">Washington, D.C. 20549</p>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-left:40%;margin-right:40%;text-indent:0%;font-family:Times New Roman;font-size:6pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:14pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;color:#auto;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section 13 or 15(d) of</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;color:#auto;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">The Securities Exchange Act of 1934</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;color:#auto;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">Date of Report (Date of earliest event reported): May 4, 2015</p>
<p style="text-align:center;margin-top:6pt;margin-bottom:0pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-left:40%;margin-right:40%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:6pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:24pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">SolarCity Corporation</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">(Exact name of registrant as specified in its charter) </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">Delaware</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">001-35758</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">02-0781046</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">(State or other jurisdiction <br>of incorporation)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">(Commission <br>File Number)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">(IRS Employer <br>Identification No.)</p></td>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">3055 Clearview Way</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">San Mateo, California 94402</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">(Address of principal executive offices, including zip code) </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">(650) 638-1028</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">(Registrant&#8217;s telephone number, including area code)</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">Not Applicable</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">(Former name or former address, if changed since last report.) </p>
<p style="text-align:center;margin-top:6pt;margin-bottom:0pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-left:40%;margin-right:40%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:6pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;color:#auto;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';"><font style="font-size:10pt;font-family:'Wingdings'">&#111;</font><font style="font-family:Times New Roman;margin-left:36pt;">Written communications pursuant to Rule 425 </font><font style="font-family:Times New Roman;">under the Securities Act (17 CFR 230.425) </font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';"><font style="font-size:10pt;font-family:'Wingdings'">&#111;</font><font style="font-family:Times New Roman;margin-left:36pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';"><font style="font-size:10pt;font-family:'Wingdings'">&#111;</font><font style="font-family:Times New Roman;margin-left:36pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';"><font style="font-size:10pt;font-family:'Wingdings'">&#111;</font><font style="font-family:Times New Roman;margin-left:36pt;">Pre-commencemen</font><font style="font-family:Times New Roman;">t communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:8pt;line-height:1pt;border-top:Solid 0.75pt;padding-top:1pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">Item&#160;1.01</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;color:#auto;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Entry Into a Material Definitive Agreement.</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.15%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On May 4, 2015, a subsidiary (&#8220;Borrower&#8221;) of SolarCity Corporation (&#8220;SolarCity&#8221;) entered into a revolving credit facility (the &#8220;Credit Facility&#8221;) with a syndicate of banks including Bank of America, N.A., as administrative agent and collateral agent, Bank of America, N.A. and Credit Suisse Securities (USA) LLC, as joint structuring agents, and Bank of America, N.A., Credit Suisse Securities (USA) LLC and Deutsche Bank AG, New York Branch, as joint book runners and joint lead arrangers.&nbsp;&nbsp;The Credit Facility is financed against certain distributions from certain subsidiaries (each a &#8220;Borrower Subsidiary&#8221; and collectively, &#8220;Borrower Subsidiaries&#8221;) that have either entered into partnerships with tax equity investors or are a lessor under a master lease with tax equity investors.&nbsp;&nbsp;The Credit Facility is an aggregation facility backed by high quality, long-term customer receivables that allow SolarCity to deploy, aggregate and season a defined pool of assets.</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-right:2.59%;text-indent:0%;font-size:11pt;font-family:Times New Roman;color:#auto;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Credit Facility allows Borrower to borrow up to $500,000,000.</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-right:2.59%;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;color:#auto;font-weight:normal;text-transform:none;font-variant: normal;">Interest Rate<font style="font-style:normal;">.&nbsp;&nbsp;Borrowings under the Credit Facility bear interest at a rate per annum equal to an applicable margin of 2.75% plus (i) for commercial paper loans, the commercial paper rate and (ii) for LIBO loans, the LIBO rate for 3-month periods.</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-right:2.59%;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;color:#auto;font-weight:normal;text-transform:none;font-variant: normal;">Mandatory Prepayments<font style="font-style:normal;">.&nbsp;&nbsp;The Credit Facility requires Borrower to prepay outstanding borrowings (i) using net cash flow from the distributions from the Borrower Subsidiaries, upon the occurrence of various sweep events, including the bankruptcy of SolarCity (until such sweep event is cured, excluding a sweep event caused by the bankruptcy of SolarCity); (ii) upon the receipt of equity contributions for the purpose of curing an event of default; (iii) upon the receipt of equity contributions for the purpose of addressing certain events that would have a material effect on distributions from the Borrower Subsidiaries; or (iv) upon the receipt of proceeds from the refinancing of the distributions from a Borrower Subsidiary.&nbsp;&nbsp;The amount of the prepayment shall be based on the amount of the borrowing affected by the events set forth in (i), (ii), (iii) or (iv), as applicable.</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-right:2.59%;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;color:#auto;font-weight:normal;text-transform:none;font-variant: normal;">Voluntary Prepayments<font style="font-style:normal;">.&nbsp;&nbsp;Borrower is permitted to voluntarily prepay any outstanding amounts under the Credit Facility at any time without premium or penalty, other than customary &#8220;breakage&#8221; costs.</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-right:2.59%;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;color:#auto;font-weight:normal;text-transform:none;font-variant: normal;">Final Maturity<font style="font-style:normal;">.&nbsp;&nbsp;The entire principal amount is due on December 31, 2017; however, the Credit Facility allows Borrower to request that the Credit Facility be extended.</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-right:2.59%;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;color:#auto;font-weight:normal;text-transform:none;font-variant: normal;">Security<font style="font-style:normal;">.&nbsp;&nbsp;All obligations under the Credit Facility are secured, subject to certain exceptions, by substantially all of Borrower&#8217;s assets, including first-priority liens on the distributions from Borrower Subsidiaries and Borrower&#8217;s bank accounts into which such distributions are deposited, a first-priority pledge by Borrower&#8217;s direct parent of all the membership interests in Borrower, a first-priority pledge by Borrower of all the membership interests held by Borrower in the Borrower Subsidiaries, and certain related collateral.&nbsp;&nbsp;The obligations under the Credit Facility are not secured by any lien on the solar systems.</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-right:2.59%;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;color:#auto;font-weight:normal;text-transform:none;font-variant: normal;">Certain Other Provisions<font style="font-style:normal;">. The Credit Facility contains certain covenants that, among other things (and subject to certain exceptions), restrict the ability of Borrower to: (i)&#160;grant liens; (ii) incur additional indebtedness; (iii) sell, transfer or otherwise dispose of assets; (iv) materially alter the business they conduct; (v) pay dividends on the equity interests of Borrower or redeem, repurchase or retire the equity interests of Borrower; (vi) make investments, acquisitions, loans and advances; (vii) consolidate, merge, liquidate or dissolve; (viii) effect certain amendments to organizational documents or master leases; (ix) change its fiscal year; (x) engage in transactions with affiliates; and (xi) agree to restrict the ability of Borrower Subsidiaries to made distributions.</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-right:2.59%;text-indent:0%;font-size:11pt;font-family:Times New Roman;color:#auto;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition to the foregoing negative covenants, the loan agreement governing the Credit Facility also contains certain customary representations and warranties, affirmative covenants, including special purpose entity covenants, and events of default.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;color:#auto;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;color:#auto;font-style:normal;text-transform:none;font-variant: normal;">SolarCity Corporation</p></td>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 4, 2015
SolarCity Corporation
(Exact name of registrant as specified in its charter)
Delaware
001-35758
02-0781046
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
3055 Clearview Way
San Mateo, California 94402
(Address of principal executive offices, including zip code)
(650) 638-1028
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencemen
t communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry Into a Material Definitive Agreement.
On May 4, 2015, a subsidiary ("Borrower") of SolarCity Corporation ("SolarCity") entered into a revolving credit facility (the "Credit Facility") with a syndicate of banks including Bank of America, N.A., as administrative agent and collateral agent, Bank of America, N.A. and Credit Suisse Securities (USA) LLC, as joint structuring agents, and Bank of America, N.A., Credit Suisse Securities (USA) LLC and Deutsche Bank AG, New York Branch, as joint book runners and joint lead arrangers.  The Credit Facility is financed against certain distributions from certain subsidiaries (each a "Borrower Subsidiary" and collectively, "Borrower Subsidiaries") that have either entered into partnerships with tax equity investors or are a lessor under a master lease with tax equity investors.  The Credit Facility is an aggregation facility backed by high quality, long-term customer receivables that allow SolarCity to deploy, aggregate and season a defined pool of assets.
The Credit Facility allows Borrower to borrow up to $500,000,000.
Interest Rate
.  Borrowings under the Credit Facility bear interest at a rate per annum equal to an applicable margin of 2.75% plus (i) for commercial paper loans, the commercial paper rate and (ii) for LIBO loans, the LIBO rate for 3-month periods.
Mandatory Prepayments
.  The Credit Facility requires Borrower to prepay outstanding borrowings (i) using net cash flow from the distributions from the Borrower Subsidiaries, upon the occurrence of various sweep events, including the bankruptcy of SolarCity (until such sweep event is cured, excluding a sweep event caused by the bankruptcy of SolarCity); (ii) upon the receipt of equity contributions for the purpose of curing an event of default; (iii) upon the receipt of equity contributions for the purpose of addressing certain events that would have a material effect on distributions from the Borrower Subsidiaries; or (iv) upon the receipt of proceeds from the refinancing of the distributions from a Borrower Subsidiary.  The amount of the prepayment shall be based on the amount of the borrowing affected by the events set forth in (i), (ii), (iii) or (iv), as applicable.
Voluntary Prepayments
.  Borrower is permitted to voluntarily prepay any outstanding amounts under the Credit Facility at any time without premium or penalty, other than customary "breakage" costs.
Final Maturity
.  The entire principal amount is due on December 31, 2017; however, the Credit Facility allows Borrower to request that the Credit Facility be extended.
Security
.  All obligations under the Credit Facility are secured, subject to certain exceptions, by substantially all of Borrower's assets, including first-priority liens on the distributions from Borrower Subsidiaries and Borrower's bank accounts into which such distributions are deposited, a first-priority pledge by Borrower's direct parent of all the membership interests in Borrower, a first-priority pledge by Borrower of all the membership interests held by Borrower in the Borrower Subsidiaries, and certain related collateral.  The obligations under the Credit Facility are not secured by any lien on the solar systems.
Certain Other Provisions
. The Credit Facility contains certain covenants that, among other things (and subject to certain exceptions), restrict the ability of Borrower to: (i) grant liens; (ii) incur additional indebtedness; (iii) sell, transfer or otherwise dispose of assets; (iv) materially alter the business they conduct; (v) pay dividends on the equity interests of Borrower or redeem, repurchase or retire the equity interests of Borrower; (vi) make investments, acquisitions, loans and advances; (vii) consolidate, merge, liquidate or dissolve; (viii) effect certain amendments to organizational documents or master leases; (ix) change its fiscal year; (x) engage in transactions with affiliates; and (xi) agree to restrict the ability of Borrower Subsidiaries to made distributions.
In addition to the foregoing negative covenants, the loan agreement governing the Credit Facility also contains certain customary representations and warranties, affirmative covenants, including special purpose entity covenants, and events of default.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SolarCity Corporation
By:
/s/ Brad W. Buss
Brad W. Buss
Date: May 8, 2015
Chief Financial Officer