Vivint Solar restates agreement to convert term facility to revolver

By Marisa Wong

Morgantown, W.Va., Dec. 2 – Vivint Solar, Inc. entered into an amended and restated loan agreement on Nov. 25 with Bank of America, NA as administrative agent to convert the facility from a term facility into a revolving facility, according to an 8-K filing with the Securities and Exchange Commission.

The agreement amends and restates the company’s loan agreement dated Sept. 12, 2014.

The amendment requires the borrower to enter into an interest rate hedging agreement before 180 days prior to the end of the availability period.

Under the restated loan agreement, the definitions of advance rate and available borrowing base in the original agreement were modified to change the formula for determining the amount that the company may borrow with respect to subject funds. Without changing the $375 million loan commitment, the amendment enables the borrower to draw additional loan proceeds from the existing portfolio of subject funds by increasing the amount that can be borrowed with respect to subject funds that are cash-sweep funds and with respect to certain systems that have not yet received permission to operate from the local utility, the filing said.

The amendment also defines a new eligible structure for tax equity funds that are structured as inverted leases thereby enabling borrowings, subject to further lender approval, against those subject funds that may be added to the facility in the future.

Vivint is a Lehi, Utah-based provider of residential solar systems.

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