Vivint Smart Home’s APX Notes Set New Low After CFO Departs

APX Group’s unsecured 2029 bonds, issued less than a year ago, touched a record low just days after parent Vivint Smart Home replaced Dale Gerard as CFO. Gerard is stepping down to pursue an opportunity with a company outside of the smart home industry, Vivint said.

• The 5.75% notes slipped 1 cent on the dollar to 80.38 cents. That’s the lowest intraday since they debuted last July, and it pushed the yield to 9.6%
• They’re rated CCC by S&P and Caa1 by Moody’s
• Previously:
  • Vivint Smart Home Names Dana Russell as CFO
  • Vivint Smart Home Shares Up 12%, ...