Vivint Solar closes $325 million financing arrangement
Post date: 08/08/2019 - 16:00
U.S. PV distributor and installer Vivint Solar Inc. has closed a $325 million revolving warehouse facility, which refinanced the aggregation credit facility that was set to mature in 2020. The new warehouse reduces the cost of debt by 87.5 basis points and materially increases the amount of upfront proceeds as a percentage of future contractual cash flows. Five lenders are involved in the deal, which includes an accordion feature that provides the ability for Vivint to upsize the facility to $400 million. The lenders include Bank of America Merrill Lynch, CitiBank, affiliates of Credit Suisse, KeyBank and Silicon Valley Bank.
Vivint Solar operates in 23 US states and has raised more than $4.9 billion in cash equity, tax equity and debt since its inception in 2011.