Vivint Solar Extends Aggregation Credit Facility13 March, 2017 | Press Releases
MAR, 13 2017
Revolving credit facility provides development capital for new residential solar customers and projects
LEHI, Utah, March 13, 2017 /PRNewswire/ -- Vivint Solar, Inc. (NYSE: VSLR), a leading full-service residential solar provider, today 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. For more information, visit www.vivintsolar.com or follow @VivintSolar on Twitter.
Note on Forward-looking Statements
This press release contains forward-looking statements as defined within the meaning of the federal securities laws, including statements regarding the company's capital availability and security; the company's strengthened financial position; and the company's ability to meet its strategic growth objectives. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements should not be read as a guarantee of future performance or results, and they will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. These statements are based on current expectations and assumptions regarding future events and business performance as of the date of this press release, and they are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to the risks set forth in the registration statements and reports that Vivint Solar files with the U.S. Securities and Exchange Commission, which are available on the Investor Relations section of our website at www.vivintsolar.com. Vivint Solar does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Director of Public Relations
Vice President of Investor Relations
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SOURCE Vivint Solar