Vivint seals $200m deal

Vivint Solar closed a $200m term facility on 14 March to fund US residential solar projects.

The company said the finance is accessible in two parts, an initial shorter-term tranche of $75m priced at Libor plus 5.5%, and a second tranche of $125m that can be drawn over time to fund future growth.

The pricing for the second tranche, if taken, will increase to Libor plus 8.0% and the term will extend to four years on the entire $200m facility.

Vivint said the finance structure was “designed to provide immediate liquidity with the option to upsize and fund anticipated future growth beyond 2016”.

It added that the money is the first in a series of anticipated financing activities that were put on hold as a result of the now terminated SunEdison merger.

Vivint Solar executive vice president, head of capital markets Thomas Plagemann said: “This financing demonstrates Vivint Solar’s continued ability to access capital markets for flexible capital.

“Now that we are free from the constraints of the terminated SunEdison merger agreement, we have demonstrated our ability to rapidly access the capital markets for flexible, term-debt financing to support our continued growth.”

Image: Vivint Solar