Published on 12/10/2013 in the Prospect News High Yield Daily.
New Issue: Vivint prices upsized $250 million tap of its 8¾% notes due 2020 at 101.5
By Paul A. Harris
Portland, Ore., Dec. 10 - APX Group Inc., the parent of Vivint, Inc., priced an upsized $250 million add-on to its 8¾% senior notes due Dec. 1, 2020 (existing ratings Caa1/CCC+/) at 101.5 to yield 8.373% on Tuesday, according to a syndicate source.
The drive-by deal was upsized from $200 million.
The reoffer price came on top of price talk.
BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., Goldman Sachs & Co. and HSBC Securities (USA) Inc. were the joint bookrunners.
The Provo, Utah-based home security services provider plans to use the proceeds for general corporate purposes.
| Issuer: | APX Group, Inc., the parent of Vivint, Inc.
|
| Face amount: | $250 million, increased from $200 million
|
| Proceeds: | $254 million
|
| Maturity: | Dec. 1, 2020
|
| Security description: | Add-on to 8¾% senior notes due Dec. 1, 2020
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc.
|
| Co-managers: | Blackstone Advisory Partners LP, Drexel Hamilton, LLC
|
| Coupon: | 8¾%
|
| Price: | 101.5
|
| Yield: | 8.373%
|
| First call: | Dec. 1, 2015 at 106.563
|
| Trade date: | Dec. 10
|
| Settlement date: | Dec. 13 with accrued interest
|
| Expected ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 101.5 area
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| Marketing: | Quick to market
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| Original issue: | $380 million priced at par in November 2012
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| Previous add-on: | $200 million priced at 101.75 to yield 8.347% on May 28, 2013
|
| Fungibility: | Upon registration the new add-on notes will be fungible with the outstanding notes
|
| Total issue size: | $830 million
|
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