SAN MATEO, Calif., Dec. 20, 2013 (GLOBE NEWSWIRE) -- SolarCity Corp. (Nasdaq:SCTY) today announced that it has increased the size of its Corporate Revolver to $200 million. This three-year credit facility bears interest of 2.25% over Base Rate or 3.25% over LIBOR. Bank of America Merrill Lynch is the Sole Lead Arranger and Sole Bookrunner, with an additional five participating lenders. The expanded credit facility will be used primarily to fund SolarCity's growth. The company has set a goal to surpass 1 million customers in 2018.
"This expanded credit facility provides the upfront working capital to meet our operational growth projections," said Bob Kelly, SolarCity's chief financial officer. "The facility represents the continued implementation of our financial strategy to drive down the cost of capital and increase the sources of capital for our distributed energy business."
About SolarCity
SolarCity® (Nasdaq:SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding SolarCity's expected customer and operational growth. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements, including the risk that the timing of the transaction is delayed or the closing conditions are not satisfied. You should read the section entitled "Risk Factors" in SolarCity's most recent quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. SolarCity does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.