APX/Vivint to price $250 million 5.5-year secured notes Tuesday

By Paul A. Harris

Portland, Ore., April 23 – APX Group, Inc., the parent of Vivint Inc., plans to price a $250 million offering of senior notes due November 2024 in a quick-to-market Tuesday trade following a late-morning conference call with investors, according to a syndicate source.

BofA Merrill Lynch is the left bookrunner. Citigroup Global Markets Inc., Citizens Bank, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Macquarie Capital, HSBC Securities (USA) Inc., Mizuho Securities USA Inc. and Guggenheim are the joint bookrunners. Blackstone is the co-manager.

The Rule 144A with registration rights notes become callable after two years at par plus 50% of the coupon and feature a 101% poison put.

The home automation services provider plans to use the proceeds to redeem $250 million of its 8¾% senior notes due 2020, with any remaining proceeds to be used for general corporate purposes.

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