Sunnova Bondholders Agree to Forebear Default Until May. 8 (1)

Sunnova’s bondholders entered a forbearance pact until May 8, the company said in a filing on Friday.

• Holders agreed to forbear from exercising any of their rights and remedies, including with respect to an acceleration
  • During the period, supporting holders are prohibited from transferring the 5.875% Notes or 11.750% Notes except to a creditor that also supports the forbearance
• NOTE: Sunnova didn’t make an interest payment on the 11.75% notes and entered a 30-day grace period. Under the indenture, a failure to make the interest payment by the expiration of the grace period constitutes an “Event of Default”, which ...