APX Group firms $1.32 billion term loan B at SOFR plus 275 bps

By Sara Rosenberg

New York, April 5 – APX Group Inc. (Vivint) set pricing on its $1.316 billion term loan B due July 9, 2028 at SOFR plus 275 basis points, the high end of the SOFR plus 250 bps to 275 bps talk, according to a market source.

Furthermore, the issue price on the term loan firmed at par, the tight end of the 99.875 to par talk, the source said.

The term loan still has a 0.5% floor, 101 soft call protection for six months and no CSA.

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

Proceeds will be used to reprice an existing term loan down from SOFR+CSA plus 325 bps with a 0.5% floor. Current CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

APX is a smart home platform company. To date, the company has maintained a stand-alone debt capital structure as wholly-owned non-guarantor subsidiary of NRG.

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