Vivint talks $100 million tap of 7 7/8% notes due 2022 at 103.75-104.25; pricing Friday

By Paul A. Harris

Portland, Ore., Aug. 12 – APX Group, Inc., the holding company of Vivint, Inc., talked a planned $100 million tack-on to its 7 7/8% senior secured notes due Dec. 1, 2022 (B) at 103.75 to 104.25, according to a syndicate source.

Books close at 11 a.m. ET on Friday, and the deal is set to price thereafter.

Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Macquarie Capital, HSBC, Guggenheim, Mizuho Securities and Imperial Capital are the joint bookrunners, with other syndicate names expected to be announced, the source said.

The Rule 144A and Regulation S with registration rights tack-on notes become callable after Dec. 1, 2018 at 103.938. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The Provo, Utah-based home security services provider plans to use the proceeds for general corporate purposes.

The original $500 million issue priced at par on May 19, 2016.

The add-on notes will initially trade under a separate Cusip number and are expected to become fungible with the original notes upon completion of the exchange offer.

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