Residential solar provider Vivint Solar announced business modifications regarding leadership and credit facility.
On March 10, Vivint Solar released that it has appointed Colt Reid to vice president of sales operations. Reid, with more than 10 years of experience in sales and operations management, will manage the company's inside sales team.
“He's a tremendous asset to our company and we look forward to the continued success we expect him to have in this elevated role,” commented Paul Dickson, chief revenue officer at Vivint Solar.
In advance to this appointment, Reid was a senior director of sales operations at Vivint Solar. He created new leadership incentive structure and implementing new sales tools that have been incorporated into the company's direct-to-home sales model, increasing efficiency and improving sales processes among the organization. Reid is also credited with implementing strategic partnerships in an effort to provide optimal financial solutions for Vivint Solar's customers.
Aggregation credit facility extension
Vivint Solar further released that it has extended the term of the availability period for borrowing under its aggregation credit facility by an additional three years to March 2020 and the final maturity of the facility to September 2020.
The credit facility was originally entered into in September 2014 for Vivint Solar to provide new residential solar customers and projects until the company has aggregated the contractual cash flows from those systems into pools that support long term debt facilities.
The aggregation facility includes the ability to hedge interest rate risk as the company borrows against new solar systems and borrow up to an aggregate of $375 million on a revolving basis. Bank of America Merrill Lynch serves as structuring and administrative agent, ING as documentation agent and Deutsche Bank as swap coordinator under the credit facility.