Renovate America is marketing a $320.2 million securitization of Property Assessed Clean Energy (PACE) bonds, its third of the year and eighth overall.

The deal, dubbed HERO Funding 2016-3, will issue two tranches of class A notes with provisional double-A structured finance ratings from both Kroll Bond Rating Agency and DBRS. Both tranches benefit from credit enhancement including 3% overcollateralization and a reserve account equal to eight months of interest that will be funded at closing.

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