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APX Group to buy back $250.7 million 8¾% notes with some loan proceeds
By Wendy Van Sickle
Columbus, Ohio, Sept. 6 – APX Group, Inc. plans to repurchase about $250.7 million of its 8¾% senior notes due 2020 in privately negotiated transactions with some proceeds of a new $810 million term loan, according to an 8-K filing with the Securities and Exchange Commission.
The company also plans to use the loan proceeds to redeem all $269,465,000 of its 6 3/8% senior secured notes due 2019.
As reported on Aug. 3, the company issued a conditional redemption notice for the 2019 notes, with plans to redeem the notes on Sept. 4 at 101.594 plus accrued interest.
The redemption was conditioned upon APX Group obtaining new loans with net proceeds sufficient to pay the redemption price.
APX Group is the holding company of Vivint, Inc., a Provo, Utah-based home security services provider.
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