APX Group launches $1.32 billion term loan B at SOFR plus 250-275 bps

By Sara Rosenberg

New York, April 1 – APX Group Inc. (Vivint) launched a $1.316 billion term loan B due July 9, 2028 that is talked at SOFR plus 250 basis points to 275 bps with a 0.5% floor and an original issue discount of 99.875 to par, according to a market source.

The term loan has 101 soft call protection for six months and no CSA, the source said.

BofA Securities Inc. is the left lead arranger on the deal.

Commitments are due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan down from SOFR+CSA plus 325 bps with a 0.5% floor. Current CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

APX is a smart home platform company. To date, the company has maintained a stand-alone debt capital structure as wholly-owned non-guarantor subsidiary of NRG.

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