Vivint raises term B to $1.35 billion, flexes to Libor plus 350 bps

By Sara Rosenberg

New York, July 1 – Vivint (APX Group Inc.) upsized its seven-year covenant-lite term loan B to $1.35 billion from $1.25 billion and reduced pricing to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

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

Proceeds will be used with $800 million of senior notes, downsized from $900 million, and $140 million of cash from the balance sheet to refinance an existing term loan B, 7 7/8% senior secured notes due 2022, 8½% senior secured notes due 2024 and 7 5/8% senior notes due 2023.

The company also plans on getting a $350 million five-year revolving credit facility.

Vivint is a Provo, Utah-based smart home services provider.

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