August 7 (Renewables Now) - US residential solar installer Vivint Solar (NYSE:VSLR) said on Tuesday it has secured a USD-325-million (EUR 290.3m) revolving warehouse facility to refinance existing debt.
The deal will help the company refinance its aggregation credit facility due in 2020, while cutting the cost of debt by 87.5 basis points and lifting the amount of upfront proceeds as a percentage of future contractual cash flows. "This new financing is part of our plan to continuously reduce our cost of business and provide inexpensive and clean energy solutions for our customers," said CEO David Bywater.
Under an accordion option, Vivint Solar will be able to expand the debt facility to USD 400 million.
The transaction involved five lenders -- Bank of America Merrill Lynch (NYSE:BAC), CitiBank (NYSE:C), affiliates of Credit Suisse (NYSE:CS), KeyBank (NYSE:KEY) and Silicon Valley Bank (NYSE:SIVB).
Utah-based Vivint Solar, which operates in 23 states, has raised over USD 4.9 billion in cash equity, tax equity and debt since its establishment in 2011, it said.
(USD 1.0 = EUR 0.893)