- Avid Technology Announces Closing of Debt Refinancing Resulting in Expected $10 Million Annual Interest Savings
- Landsea Homes Announces Commencement of Private Offering of Senior Notes
- FCPT Announces New $85 Million Term Loan Under Existing Credit Facility
- CIFC To Acquire LBC Credit Partners
- Saks OFF 5TH Closes ABL and Term Loan Facilities to Further Enhance Liquidity
Vivint Solar Enters Into New Credit Facility
December 19, 2019
Source: PR Newswire
Vivint Solar (NYSE: VSLR) today announced it closed a $200 million revolving asset-based loan facility ("Asset Financing Facility"). The facility will help fund the company's continued growth in 2020 and beyond by allowing Vivint Solar to finance the purchase of safe harbor equipment and receive attractive advance rates on projects throughout the development life cycle. Vivint Solar intends that the equipment purchased in 2019 and funded in part through this Asset Financing Facility will allow solar energy systems to qualify for a 30% Federal investment tax credit (ITC) by satisfying the 5% safe harbor method outlined in IRS notice 2018-59. In addition, proceeds from the Asset Financing Facility will be used by the company to refinance its existing working capital credit facility that was set to mature in 2020.
"This transaction represents an evolution of how we finance our working capital needs and replaces our current working capital facility which matures next March. The innovative structure best addresses the working capital needs of our rapidly-growing business while also providing critical funding for the purchase of safe harbor equipment at attractive borrowing rates" said Vivint Solar's Chief Commercial Officer and Head of Capital Markets, Thomas Plagemann. "We believe this facility, in addition to the other safe harbor strategies announced previously, will enable the company to preserve the 30% ITC well into 2021."
The lenders include affiliates of Bank of America Securities (NYSE:BAC) and Credit Suisse (NYSE:CS).
Vivint Solar operates in 22 states and has raised more than $4.9 billion in cash equity, tax equity, and debt since its inception in 2011.
About Vivint Solar
Vivint Solar is a leading full-service residential solar provider in the United States. With the help of Vivint Solar, homeowners can power their homes with clean, renewable energy, typically achieving significant financial savings over time. Vivint Solar designs and installs solar energy systems for homeowners and offers monitoring and maintenance services. In addition to being able to purchase a solar energy system outright, homeowners may benefit from Vivint Solar's affordable, flexible financing options, including power purchase agreements, or lease agreements, where available. Vivint Solar also offers solar plus storage systems with LG Chem home batteries and electric vehicle chargers with ChargePoint Home. For more information, visit www.vivintsolar.com or follow @VivintSolar on Twitter.
Media Contact:
Heather Hurst
385-202-6577
pr@vivintsolar.com
www.vivintsolar.com
In This Section