Vivint adds $50 million to financing; surpasses RMR milestone
PROVO, Utah—Summer-model company Vivint announced in June of that it had surpassed a $30 million milestone in RMR, putting it among the top three largest security companies in the nation. Also, the residential security and home automation provider said it had added another $50 million to its financing, bringing its total senior debt financing to $812 million.
That refinancing comes on the heels of a $72 million financing boost the company announced in February. It then had $762 million in total financing.
Vivint, which is based here and changed its name from APX Alarm in February of 2011, declined to provide more details to Security Systems News about the new financing. “We are not making any additional public statements in regards to our financials at this time,” the company told SSN in late June.
However, company executives issued prepared statements about the new developments.
“Surpassing the $30 Million RMR benchmark is quite an accomplishment and is a testament to our loyal customers and employees,” said Alex Dunn, Vivint COO. “We look forward to growing our customer base with continued product innovation and a corporate focus on customer service.”
Chris Black, Vivint CFO, commented, “We continue to enjoy a very strong relationship with our lenders and are pleased to have added an additional $50 Million to our existing facility, increasing the bank deal to over $800 Million. The increase will be used to support organic growth of the business and continued expansion of our customer base.”
“I am very proud of the accomplishments that Vivint has been able to achieve,” added Todd Pedersen, Vivint CEO. “None of this would have been possible without the support of our customers who trust us to protect what is most important in their lives, and the talented team we’ve assembled who are passionate about creating exceptional customer experiences every day.”