SolarCity priced its $54.42 million offering solar asset backed notes on Wednesday, a person familiar with the deal said.

The private placement, called Solar Asset Backed Notes, Series 2013-1, was assigned a preliminary ‘BBB+’ rating from Standard & Poor's. The notes have a weighted average life of 7.05-years and priced at 265 basis points over the interpolated swaps curve. They have an interest rate coupon of 4.80%.   

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