SolarCity increases revolving credit facility due 2017 to $650 million

By Angela McDaniels

Tacoma, Wash., July 17 – A subsidiary of SolarCity Corp. amended its revolving credit facility on July 13 to increase the maximum amount of borrowings to $650 million from $500 million, according to an 8-K filing with the Securities and Exchange Commission.

Two new lenders were added to the revolver.

Bank of America, NA is the administrative agent and collateral agent. Bank of America and Credit Suisse Securities (USA) LLC are the joint structuring agents. Bank of America, Credit Suisse Securities (USA) LLC and Deutsche Bank AG, New York Branch, are the joint bookrunners and joint lead arrangers. KeyBank NA and ING Capital, LLC are additional lenders.

As previously reported, the facility is backed by customer receivables that allow SolarCity to deploy, aggregate and season a defined pool of assets.

The interest rate is Libor plus 275 basis points.

The facility matures on Dec. 31, 2017.

The San Mateo, Calif.-based company provides clean energy and financial products based on clean energy.

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