Readers could have seen your ad here when reading this story. Email retailenergyx@gmail.com
       Events        Jobs        Contact        Migration Stats        Supplier Lists        Municipal Aggregation

Vivint Solar Closes $811 Million Of New Financing

June 12,2018



Vivint Solar, Inc. announced the closing and funding of $811 million aggregate principal amount of debt financing comprised of two separate transactions.

The first is a capital markets issuance by its wholly-owned subsidiary, Vivint Solar Financing V, LLC, of $466 million aggregate principal amount of Solar Asset Backed Notes, Series 2018-1 (issued in two classes – $400 million Series 2018-1 Class A Notes and $66 million Series 2018-1 Class B Notes). The offering was upsized from the original offering size of $355 million to become what Vivint said is the largest securitization of residential solar power purchase agreements and leases to date. Credit Suisse Securities (USA) LLC and Citigroup Global Markets, Inc. acted as joint bookrunners and co-structuring agents and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey, Inc. acted as co-managers for the issuance of the Series 2018-1 Notes.

In addition, Vivint Solar Financing IV, LLC issued, in a private placement, $345 million aggregate principal amount of Solar Asset Backed Notes, Series 2018-2. Credit Suisse was the sole arranger of the private placement of the Series 2018-2 Notes.

The proceeds from these two financings will be used to repay in full, or reduce the outstanding balance of, certain existing debt facilities of Vivint Solar, Inc. and its subsidiaries and for general corporate purposes. Overall these transactions lower Vivint Solar, Inc.'s blended total credit spreads by approximately 160 basis points.

The Series 2018-1 Class A Notes will have an interest rate of 4.73 percent and an anticipated repayment date of October 30, 2028. The Series 2018-1 Class B Notes will have an interest rate of 7.37 percent and an anticipated repayment date of October 30, 2028. Vivint Solar Financing IV, LLC entered into an interest rate swap concurrent with issuance of the Series 2018-2 Notes that results in an implied all-in interest rate of approximately 5.95 percent. The term of each of the separate financings was structured to exceed the expected "flip" date of the underlying project tax equity funds.

"We are pleased to announce this new milestone in the evolution of our financing strategy, which optimizes and simplifies our term debt structure while allowing us to repay more expensive outstanding loans, increase advance rates, lock in attractive fixed borrowing rates and create incremental liquidity for the business," said Chief Commercial Officer and Head of Capital Markets Thomas Plagemann.

On a combined basis the financings provide back-leverage financing for a portfolio of 16 tax equity funds and one wholly owned subsidiary that own 575 megawatts and over 86,000 residential solar energy systems.

Tags:
Vivint Solar   Solar   Finance  

Comment on this story


ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com
Executive Director -- Retail Supplier
Director/Manager Channel Sales -- Retail Supplier -- Houston
Director of Billing Operations
Analyst, Supply/Settlements -- Retail Supplier -- Houston
Manager of Supply -- Retail Provider -- Dallas


More Stories on RetailEnergyX.com:
ENGIE North America Completes Financing of Live Oak Wind Project in Texas, Offtake Agreement
WGL Energy Secures $75 Million Financing Package
Lightsource BP Acquires 135MW in PJM Solar Assets
Starwood Property Trust to Acquire Energy Project Finance Debt Business from GE Capital
Vivint Solar Announces Financing Vehicle Said To Be Industry-First, Raises $327M


comments powered by Disqus





Advertise here:
Email retailenergyx@gmail.com


Events Jobs Contact Migration Stats Supplier Lists Municipal Aggregation

About Disclaimer Privacy Terms of Service

Home


Developed by: Avidweb Technologies inc.