"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.
Helen Langan, Director of Public Relations
Rob Kain, Vice President of Investor Relations
Ashlyn Hewlett, Method Communications
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SOURCE Vivint Solar