SAN MATEO, Calif., Jan. 25, 2016 /PRNewswire/ -- SolarCity Corporation (NASDAQ: SCTY) closed a $160 million five-year term facility on Friday, January 22. BofA Merrill Lynch acted as Mandated Lead Arranger and Sole Bookrunner, and KeyBank and Silicon Valley Bank acted as Joint Lead Arrangers on the transaction.
The facility is secured by a portfolio of high quality, long-term customer systems. The financing allows SolarCity to recycle capital to continue growth and will make it possible for SolarCity to continue offering power generated by solar energy systems to customers for less than they pay for utility bills at the time the customer contracts are signed.
About SolarCity SolarCity (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding SolarCity's expected cost reductions and future transactions, risk of default and other statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements 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 the risk that the timing of the transaction is delayed or the closing conditions are not satisfied. You should read the section entitled "Risk Factors" in SolarCity's quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. SolarCity 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.