Vivint Solar closed a $325 million revolving warehouse facility, which refinanced the aggregation credit facility that was set to mature in 2020
The new warehouse reduces the cost of debt by 87.5 basis points and materially increases the amount of upfront proceeds as a percentage of future contractual cash flows.
Five lenders are involved in the deal, which includes an accordion feature that provides the ability for VSLR to upsize the facility to $400 million. Lenders in the group include Bank of America Merrill Lynch, CitiBank, affiliates of Credit Suisse, KeyBank and Silicon Valley Bank.
