LEHI, Utah, Jan. 11, 2017 /PRNewswire/ -- Vivint Solar,
Inc. (NYSE: VSLR), a leading full-service residential
solar provider, announced today it has closed a fixed-rate,
18-year term debt facility with four institutional investors,
totaling $203 million. The new debt
facility is a fully amortizing loan that relies on the contractual
cash flows from four existing investment funds that comprise
approximately 214 megawatts (MWs) and 30,000 residential solar
systems.
Bank of America Merrill Lynch acted as sole syndication agent on
the transaction and the loans earned an investment-grade BBB rating
from Kroll. A portion of the proceeds will be used to repay
outstanding borrowings under the company's existing non-recourse
credit facility.
"This is a milestone transaction for Vivint Solar that
demonstrates its access to an additional class of term debt
lenders," said Thomas Plagemann, chief commercial officer and
head of capital markets for Vivint Solar. "After closing the
$313 million syndicated bank term
loan facility in August 2016, this
transaction completes the first full 'turn' of capital in our
$375 million aggregation facility and
validates the debt optimization strategy we outlined earlier last
year."
In addition, the company also announced today that it closed an
investment with Bank of America Merrill Lynch, an existing investor
that had committed a $100 million
follow-on investment in tax equity financing, which will allow the
installation of over 66 MWs of residential solar energy systems.
This investment marks the closing of a portion of the tax equity
commitments Vivint Solar received in November 2016.
"We are thrilled that Bank of America Merrill Lynch continues to
support Vivint Solar and residential solar energy development,"
said Dana Russell, chief financial officer for Vivint
Solar. "They have been a tremendous partner to us since our IPO in
the fall of 2014."
Vivint Solar operates in 14 states (Arizona, California, Connecticut, Florida, Hawaii, Maryland, Massachusetts, New
Jersey, New Mexico,
New York, Pennsylvania, South
Carolina, Texas and
Utah) and Washington D.C. For more information, visit
www.vivintsolar.com.
About Vivint Solar
Vivint Solar is a leading provider of distributed solar
energy – electricity generated by a solar energy system installed
at a customer's location – to residential customers
in the United States. Vivint Solar's customers
pay little to no money upfront, receive significant savings
relative to utility generated electricity and continue to benefit
from guaranteed energy prices over the 20-year term of their
contracts. Vivint Solar finances, designs, installs,
monitors and services the solar energy systems for its
customers. Vivint Solar also provides solar energy
systems for purchase. 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 Vivint Solar's financing strategy,
use of proceeds from the term debt facility, access to capital and
future installations of residential solar energy systems.
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.
Press Contacts
Vivint Solar
Helen
Langan, Director of Public Relations
385-202-6577
helen.langan@vivintsolar.com
Rob Kain, Vice President of
Investor Relations
801-229-6460
rob.kain@vivintsolar.com
Agency Contact
Ashlyn Hewlett, Method
Communications
801-461-9772
ashlyn@methodcommunications.com
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SOURCE Vivint Solar