APX restates revolvers for increased commitments, extended maturity

By Marisa Wong

Madison, Wis., March 11 – APX Group Holdings, Inc.’s wholly owned subsidiary, APX Group, Inc., entered into a second amended and restated credit agreement on March 6 for increased revolving commitments and an extended maturity date, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the company amended its credit agreement to increase revolving commitments to about $289.42 million from $200 million.

Previously, the credit agreement consisted of $200 million of series A and series B revolving credit commitments. The latest amendment adds $83.65 million of series A revolving commitments, for a total of $247.5 million, and $5.77 million of series B revolving commitments, for a total of $21.15 million.

The restated credit facility will also include about $20.77 million of series C revolving commitments.

The company is not required to make any scheduled amortization payments under the revolving credit facility. The principal amount outstanding will be due and payable in full on Nov. 16, 2017 with respect to the non-extended commitments under the series C revolver and March 31, 2019 with respect to the extended commitments under the series A and series B revolvers.

Borrowings under the restated credit agreement bear interest at Libor plus an applicable margin, which is currently 300 basis points under the series A and series C revolving commitments and 400 bps under the series B revolving commitments. The applicable margin is subject to a 25-bps step-down based on the borrower meeting a consolidated first-lien net leverage ratio test at the end of each fiscal quarter.

In addition, the borrower is required to pay a quarterly commitment fee of 50 bps, subject to a 12.5-bps step-down based on the consolidated first-lien net leverage ratio.

Bank of America, NA, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley Senior Funding, Inc., Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc. and Goldman Sachs Lending Partners LLC are the lead arrangers and bookrunners for the restated credit agreement. Bank of America is the administrative agent, letter-of-credit issuer and swingline lender; Citigroup Global Markets and Deutsche Bank Trust Cos. Americas are co-syndication agents; and Morgan Stanley Senior Funding, Credit Suisse AG, Macquarie Capital and Goldman Sachs Lending Partners are co-documentation agents.

APX is an energy exchange operating the spot markets for electricity in the Netherlands, the United Kingdom and Belgium. APX is also the parent holding company of Vivint, Inc., a Provo, Utah-based home security services provider.

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