Vivint Solar, Inc., a leading full-service residential solar provider, announced that it has extended the term of the availability period for borrowing under its aggregation credit facility by an additional three years to March 2020 and the final maturity of the facility to September 2020.
Originally entered into in September 2014, this revolving credit facility has provided debt capital to Vivint Solar for new residential solar customers and projects until the company has aggregated the contractual cash flows from those systems into pools that support long term debt facilities, such as the $313 million syndicated bank term loan facility announced in August 2016 and the $203 million institutional term loan facility announced in January 2017.
The aggregation facility includes the ability to hedge interest rate risk as the company borrows against new solar systems and borrow up to an aggregate of $375 million on a revolving basis. Bank of America Merrill Lynch serves as structuring and administrative agent, ING as documentation agent and Deutsche Bank as swap coordinator under the credit facility.
"We are pleased to be able to extend this critical borrowing facility that enhances our capital availability and security with the support of Bank of America Merrill Lynch and the rest of the lender group," said Thomas Plagemann, chief commercial officer and head of capital markets at Vivint Solar. "Our strengthened financial position provides greater financing flexibility to meet our strategic growth objectives."
About Vivint Solar
Vivint Solar is a leading full-service residential solar provider in the United States. With Vivint Solar, customers can power their homes with clean, renewable energy and typically achieve significant financial savings. Offering integrated residential solar solutions for the entire customer lifecycle, Vivint Solar designs, installs, monitors and services the solar energy systems for its customers. In addition to being able to purchase a solar energy system outright, customers may benefit from Vivint Solar's affordable, flexible financing options or power purchase agreements.