Vivint Solar, one of America’s leading residential solar distributors, announced this week that it would extend the term of its aggregation credit facility through to March 2020.
Announced on Monday, Vivint Solar revealed that it intends to extend the available period for borrowing under the company’s aggregation credit facility by an additional three years, through to March 2020, with a final maturity in September of that same year.
According to Vivint Solar:
“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.”
“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.”
Vivint Solar has been doing relatively well for itself since the collapse of a merger agreement with once-powerful SunEdison in early 2016. A year later, and Vivint Solar was able to announce that it had reached 100,000 residential solar customers across the United States. The company announced early this year two separate financing agreements totaling $303 million, a continuation of its ability to regularly acquire significant financing for its residential solar program.
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