SmartRent closes $75 million five-year senior secured revolver

By William Gullotti

Buffalo, N.Y., Dec. 13 – SmartRent, Inc. entered into a senior secured revolving credit agreement on Dec. 10 for a $75 million facility due Dec. 10, 2026, according to an 8-K filing with the Securities and Exchange Commission.

The facility includes $10 million limits for letters of credit and swingline loans.

Borrowings will bear interest at SOFR plus 185 to 235 basis points, based upon liquidity measures.

Silicon Valley Bank is the administrative agent, collateral agent, issuing lender, swingline lender and lead arranger for the revolver.

The facility contains financial covenants related to asset coverage and liquidity and other maintenance covenants.

Proceeds may be used to refinance obligations and related fees, to provide working capital and for general corporate purposes.

SmartRent is a smart home and smart building automation company based in Scottsdale, Ariz.

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