Greetings,

Since we are all focused on the impacts of the Section 201 ruling and the latest tariffs, we thought it would be a good time to share some uplifting news that we are tracking in our data: The fourth quarter had a tremendous amount of deal activity, with over 50 deals closed during the quarter valued at over $9 billion.

This level of deal activity is coupled with the fact that spreads for loans are continuing to become more competitive. While deals will be impacted by the trade case, the capital structure is continuing to get cheaper, especially when the Solar Revenue Put is included within the structure.

After receiving positive feedback on our first DealFlow, we knew we had to make it a regular series. In the Winter 2018 version you will find:

• A featured deal seeking debt financing

• Quantification of where the loan market is trending for 2018

• Detailed deal data for the 50+ solar transactions that closed in the fourth quarter

Please send us your deal info if you’d like your deal to be included next time (no, we don’t charge anything), we are at dealflow@kwhanalytics.com.

PDF Available Here: www.kwhanalytics.com/DealFlow-Winter2018