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S&P gives B to APX Group notes
S&P said it affirmed its B corporate credit rating on APX Group Holdings Inc. (also known as Vivint, Inc.) and removed the rating from CreditWatch, where it was placed with negative implications on March 22.
The outlook is stable.
At the same time, the agency affirmed its B issue-level rating on the company's senior secured notes due 2019 and 2022. The recovery rating remains 4, which indicates an expectation for average (30%-50%; upper half of the range) recovery in the event of a payment default.
S&P also affirmed its CCC+ issue-level rating on the company's senior unsecured notes due 2020. The recovery rating remains 6, which indicates an expectation for negligible (0%-10%) recovery in the event of a payment default.
In addition, the agency assigned a B issue-level rating and 4 recovery rating to the company's proposed $350 million senior secured notes due 2022. The 4 recovery rating indicates an expectation for average recovery (30%-50%; upper half of the range) of principal in the event of a payment default.
"The rating actions follow the announcement of an equity investment of $70 million by a consortium completed April 25, 2016 and the proposed $350 million senior secured notes offering," S&P credit analyst Kenneth Fleming said in a news release.
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