APX/Vivint expected to sell $500 million seven-year notes on Tuesday

By Paul A. Harris

Portland, Ore., Feb. 10 – APX Group, Inc., the parent of Vivint Inc., expects to price a $500 million offering of seven-year senior secured notes on Tuesday, according to a syndicate source.

The Rule 144A and Regulation S for life deal is set to be shopped on an investor conference call scheduled to get underway at 12:30 p.m. ET on Monday.

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

The notes become callable after three years at par plus 50% of the coupon.

The Provo, Utah-based smart home services provider plans to use the proceeds to redeem its 8¾% senior notes due 2020, its 8 7/8% senior secured notes due 2022, as well as to refinance its term loan and revolver, and to redeem a portion of its 7 7/8% senior secured notes due 2022.

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