20 Banks Help Vivint Expand Bank Financing to $762M
PROVO, Utah — Vivint has closed a new $762 million senior bank debt financing, the company announced. The new financing, which involves 20 banks, represents a $72 million more than the company’s previous financing.
As many as nine new lenders have been added to Vivint’s bank group, according to company CFO Christopher Black.
“We are excited to add several new lenders into our bank group, many of which are making their initial investments into the residential security and home automation space,” he says. “We are also delighted to receive the continued support from our group of long-standing relationship banks that have been with us over the years.”
Goldman Sachs Specialty Lending Group led the new financing, according to a press release. Other banks involved include Bank of America Merrill Lynch, Citibank, CapitalSource, Barclays Capital and more.
“The additional financing will help support what we expect to be another strong year of growth and innovation across our North American platform,” Vivint CEO Todd Pederson says. “Our lending partners have been an integral part of our success and we look forward to working with them going forward as we continue to grow our business.”
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add sales to your bottom line.
A free subscription to the #1 resource for the residential and commercial security industry will prove to be invaluable. Subscribe today!