Vivint’s APX obtains new $370 million revolver maturing 2026

By Rebecca Melvin

Concord, N.H., July 12 – Vivint Smart Home Inc.’s APX Group Inc. has obtained a new $370 million senior secured revolving credit facility maturing in 2026, according to a company release.

The five-year revolving credit facility was initially talked at $350 million in size.

The revolver is part of an overall package of refinancing transactions that includes a previously reported $1.35 billion first lien senior secured term loan facility maturing in 2028.

Bank of America NA was lender, administrative agent and collateral agent of the new credit facilities.

The company also completed an offering of $800 million new 5¾% senior notes due 2029.

The refinancing transactions extend the weighted average maturities on Vivint’s outstanding debt by about 3.5 years and are expected to reduce annual interest expense by about $50 million.

Borrowings under the new senior secured credit facilities will bear interest at Libor plus 300 basis points and 350 bps depending on the first-lien net leverage ratio of the applicable fiscal quarter.

Proceeds will be used together with the $800 million of senior notes, to redeem all $677 million of its outstanding 7 7/8% senior secured notes due 2022, $400 million outstanding of 7 5/8% senior secured notes due 2023, $225 million 8½% senior secured notes due 2024 and to repay amounts outstanding and terminate all commitments under its existing term loan and revolving credit facilities.

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

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