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Silicon Valley Bank Provides $75MM Revolving Credit Facility to SmartRent

December 13, 2021, 08:05 AM
Filed Under: Technology

SmartRent entered into a $75.0 million Senior Secured Revolving Credit Facility with a five-year term. The Revolving Facility is provided by Silicon Valley Bank, serving as Lead Arranger and Administrative Agent, and JP Morgan.

The Revolving Facility carries an interest rate based on the Term SOFR Rate plus a spread of 1.85% to 2.35% subject to certain liquidity measures. It also includes a provision for an incremental facility of up to $75.0 million pursuant to certain conditions and on the same terms, including pricing and maturity date as the Revolving Facility. The Revolving Facility is secured by substantially all of the Company’s assets and guaranteed by each of the Company’s material domestic subsidiaries.

“This credit facility marks another milestone for SmartRent in our journey as the premier platform for smart home technologies. The pricing, covenants and size of the facility reflect the strength of our business model and the visibility of our organic growth potential. Our strong balance sheet is further enhanced by the incremental capital provided by the revolver. We believe that our capital position enables us to execute on our organic growth initiatives and M&A strategy as we endeavor to create value for our customers and shareholders. We are grateful for the support of our banking partners and look forward to working with them in the future as our Company’s capital needs continue to evolve,” stated Lucas Haldeman, SmartRent’s Chairman and Chief Executive Officer.

Founded in 2017, SmartRent is an enterprise smart home and smart building technology platform for property owners, managers, and residents. The SmartRent solution is designed to provide property managers with seamless visibility and control over all their assets while delivering cost savings and additional revenue opportunities through all-in-one home control offerings for residents.

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