Vivint Completes Refinancing Transactions

Nachrichtenquelle: Business Wire (engl.)
15.02.2020, 00:15  |  138   |   |   

Vivint Smart Home, Inc. (NYSE: VVNT) (together with its subsidiaries, “Vivint” or the “Company”) and APX Group Holdings, Inc. (“APX Group Holdings”), Vivint’s indirect subsidiary, today announced that APX Group, Inc. (“APX”), a direct, wholly owned subsidiary of APX Group Holdings, completed its offering of $600.0 million aggregate principal amount of senior secured notes (the “Notes”) in a private placement. The Notes will bear interest at 6.75% per annum and are due in 2027.

Vivint also announced that, concurrently with the Notes offering, APX amended and restated the credit agreements governing its existing revolving credit facility and existing term loan credit facility (the “Concurrent Refinancing Transactions”). In connection therewith, APX, among other things, (i) extended the maturity date with respect to certain commitments under the revolving credit facility and increased the aggregate commitments in respect of the revolving credit facility to $350.0 million and (ii) incurred $950.0 million aggregate principal amount of term loans.

Vivint intends to use the net proceeds from the Notes offering and Concurrent Refinancing Transactions, together with the proceeds from its previously announced merger with Mosaic Acquisition Corp. completed on January 17, 2020, to (i) redeem all of APX’s outstanding 8.750% Senior Notes due 2020 (the “2020 Notes Redemption”), (ii) redeem all of APX’s outstanding 8.875% Senior Secured Notes due 2022 (the “2022 Private Placement Notes Redemption”), (iii) refinance in full the existing borrowings under APX’s existing term loan facility and revolving credit facility, (iv) redeem $223.0 million aggregate principal amount of APX’s outstanding 7.875% Senior Secured Notes due 2022 (the “existing 7.875% Notes Redemption” and, together with the 2020 Notes Redemption and the 2022 Private Placement Notes Redemption, the “Redemptions”) and (v) pay the related accrued interest, fees and expenses related thereto. APX irrevocably deposited funds with the applicable trustee and/or paying agent to effect the Redemptions and to satisfy and discharge all of APX’s remaining obligations under the indenture governing APX’s 8.750% Senior Notes due 2020 and the note purchase agreement governing APX’s 8.875% Senior Secured Notes due 2022. Vivint intends to use any remaining net proceeds for general corporate purposes, which may include repayment of additional indebtedness.

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