Vivint Solar extends term of $375 million aggregation credit facility by three years

Written By: Stratton Report
March 13, 2017

Vivint Solar

On March 13, Vivint Solar, Inc. announced that it had extended the term of its aggregation credit facility by an additional three years to March 2020 and the final maturity of the facility to September 2020. The company originally entered into the facility in September 2014.

According to Vivint, this revolving credit facility has provided the capital to finance new residential solar customers and projects until the company has aggregated them 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.

Vivint stressed that the aggregation facility includes the ability to hedge interest rate risk as the company borrows against new solar systems; it allows Vivint to finance up to an aggregate of $375 million on a revolving basis. Per the firm, 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.

Thomas Plagemann, chief commercial officer and head of capital markets at Vivint Solar.observed:

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. Our strengthened financial position provides greater financing flexibility to meet our strategic growth objectives.