Vivint Expands Bank Financing to $762M
CE Pro 100 company Vivint receives $762 million in new bank financing from Goldman Sachs, Bank of America Merrill Lynch, Citibank, Barclays Capital and others.
Vivint, the No. 27 company in the 2011 CE Pro 100, has completed a $762 million senior bank debt financing. The new financing represents a $72 million increase over the previous financing and adds nine new lenders to the company’s bank group.
“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,” comments Christopher A. Black, CFO for Vivint. “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.”
The financing was led by Goldman Sachs Specialty Lending Group, L.P. as Administrative/Syndication/Collateral Agent, Lead Joint Arranger and Joint Bookrunner along with Bank of America Merrill Lynch and Citibank, N.A. as Lead Joint Arrangers and Joint Bookrunners and Barclays Capital as Documentation Agent.
Todd Pedersen, CEO of Vivint comments, “The additional financing will help support what we expect to be another strong year of growth and innovation across our North American platform. 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.”
In addition to doing $5.4 million in custom installation revenue in 2010, Vivint has an exploding alarm installation business based on its successful door-knocking sales strategy. The company also does solar panel installations and tornado warning alerts among other unique offerings.
In 2011, Vivint reported total revenues of $301 million, up from $214 million in 2010. Last year, the 12-year-old company earned $27.7 million in recurring monthly revenue and has more than 570,000 customers.
Jason has covered low-voltage electronics as an editor since 1990. He joined EH Publishing in 2000, and before that served as publisher and editor of Security Sales, a leading magazine for the security industry. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. He is currently a member of the CEDIA Education Action Team for Electronic Systems Business. Jason graduated from the University of Southern California. Have a suggestion or a topic you want read more about? Email Jason at [email protected]
Follow Jason on social media:
SecurityHillary Clinton Blasts Tyco/JCI Inversion Merger as ‘Perversion’
BeON Home Secures $2.9M in Additional Funding
PowerHouse Alliance Members Offer Slate of Security, Audio Trainings
Legal: Surveillance Cameras Inside the Home
‘Hello Julie, This is John. I Have Some Questions about Home Automation’
View more on Security