New Issue: Vivint prices $300 million tap of APX 7 7/8% notes due 2022

By Paul A. Harris

Portland, Ore., Feb. 1 – APX Group, Inc., the holding company of Vivint, Inc., announced that it has issued a $300 million add-on to its 7 7/8% senior secured notes due Dec. 1, 2022, according to market sources.

BofA Merrill Lynch managed the sale, a source said.

The Provo, Utah-based home security services provider plans to use the proceeds to redeem $300 million of its 6 3/8% senior secured notes due 2019 and for general corporate purposes.

Issuer:	APX Group, Inc.
Amount:	$300 million
Maturity:	Dec. 1, 2022
Security description:	Add-on to 7 7/8% senior secured notes due Dec. 1, 2022
Bookrunner:	BofA Merrill Lynch
Coupon:	7 7/8%
First call:	Dec. 1, 2018 at 103.938
Special call:	Issuer may redeem 10% of notes annually at 103 during the non-call period
Equity clawback:	35% at 107.875 until Dec. 1, 2018
Settlement date:	Feb. 1
Original issue:	$500 million priced at par on May 19, 2016
Previous add-on:	$100 million priced at 104 to yield 6.78% on Aug. 12, 2016

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