XML 93 R70.htm IDEA: XBRL DOCUMENT v3.6.0.2
Debt Obligations - Additional Information (Details)
1 Months Ended 5 Months Ended 12 Months Ended
Oct. 09, 2014
USD ($)
Aug. 31, 2016
USD ($)
Sep. 30, 2014
USD ($)
May 31, 2014
USD ($)
Sep. 30, 2014
USD ($)
Dec. 31, 2016
USD ($)
Installment
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 30, 2014
USD ($)
Mar. 31, 2016
USD ($)
Feb. 29, 2016
USD ($)
Mar. 31, 2015
USD ($)
Jan. 31, 2014
USD ($)
Jul. 31, 2013
USD ($)
May 31, 2013
USD ($)
Debt Instrument [Line Items]                              
Restricted cash and cash equivalents           $ 26,853,000 $ 15,035,000                
Letters of credit for debt service reserve           13,500,000                  
Interest expense incurred under debt obligations           33,400,000 12,200,000 $ 9,300,000              
Remaining borrowing capacity           238,000,000 105,900,000                
Unamortized debt issuance costs, current portion           217,000                  
Unamortized debt issuance costs, long-term portion           $ 14,655,000                  
Quarterly payments of principal and interest term           7 years                  
Repayment of revolving line of credit $ 58,800,000             200,192,000              
Amortization of debt issuance costs           $ 6,500,000 3,500,000 2,200,000              
Credit Agreement                              
Debt Instrument [Line Items]                              
Maximum borrowing amount under credit agreement                     $ 3,000,000        
Interest expense incurred under debt obligations           100,000 0 0              
Remaining borrowing capacity           $ 0                  
Quarterly payments of principal and interest term           7 years                  
Line of credit, interest rate           6.50%                  
Minimum                              
Debt Instrument [Line Items]                              
Restricted cash and cash equivalents           $ 10,000,000 10,000,000                
2016 Term Loan Facility                              
Debt Instrument [Line Items]                              
Maximum borrowing amount under credit agreement   $ 313,000,000                          
Proceeds from term loan facility   300,000,000                          
Retained proceeds from lines of credit   63,600,000                          
Transaction cost and fees   10,600,000                          
Restricted cash and cash equivalents   5,300,000                          
Letters of credit for debt service reserve   $ 13,000,000                          
Debt instrument basis spread on variable rate for first four years   3.00%                          
Debt instrument basis spread on variable rate thereafter   3.25%                          
Percentage of principal amount of the outstanding term loans in interest rate hedging arrangements   90.00%                          
Debt service coverage ratios   155.00%                          
Term loan reserve   $ 2,900,000                          
Escrow deposit   2,400,000                          
Interest expense incurred under debt obligations           $ 5,800,000 0   $ 0            
Revolving credit facility maturity date           Aug. 31, 2021                  
Unamortized debt issuance costs, current portion           $ 169,000                  
Unamortized debt issuance costs, long-term portion           $ 9,643,000                  
Line of credit, interest rate [1]           3.60%                  
Bank Of America Aggregation Credit Facility                              
Debt Instrument [Line Items]                              
Maximum borrowing amount under credit agreement     $ 375,000,000   $ 375,000,000                    
Repay existing indebtedness   $ 220,500,000                          
Restricted cash and cash equivalents           $ 3,900,000                  
Interest expense incurred under debt obligations           14,100,000 9,900,000 1,400,000              
Remaining borrowing capacity           $ 188,000,000 $ 105,900,000                
Revolving credit facility maturity date           Mar. 12, 2018 Mar. 12, 2018                
Additional borrowing capacity     175,000,000   175,000,000                    
Debt Instrument interest rate description           interest on borrowings accrues at a floating rate equal to either (1)(a) LIBOR or (b) the greatest of (i) the Federal Funds Rate plus 0.5%, (ii) the administrative agent’s prime rate and (iii) LIBOR plus 1% and (2) a margin that varies between 3.25% during the period during which the Company may incur borrowings and 3.50% after such period. Interest is payable at the end of each interest period that the Company may elect as a term of either one, two or three months.                  
Unamortized debt issuance costs, current portion           $ 4,000,000                  
Unamortized debt issuance costs, long-term portion           $ 900,000                  
Line of credit, interest rate           4.20% 3.80%                
Bank Of America Aggregation Credit Facility | Federal Funds Rate Plus                              
Debt Instrument [Line Items]                              
Debt instrument interest rate           0.50%                  
Bank Of America Aggregation Credit Facility | L I B O R Plus                              
Debt Instrument [Line Items]                              
Debt instrument interest rate           1.00%                  
Bank Of America Aggregation Credit Facility | Minimum                              
Debt Instrument [Line Items]                              
Debt instrument interest rate           3.25%                  
Bank Of America Aggregation Credit Facility | Maximum                              
Debt Instrument [Line Items]                              
Debt instrument interest rate           3.50%                  
Subordinated HoldCo Credit Facility                              
Debt Instrument [Line Items]                              
Maximum borrowing amount under credit agreement                   $ 200,000,000          
Restricted cash and cash equivalents           $ 7,600,000                  
Interest expense incurred under debt obligations           7,300,000 $ 0 0              
Remaining borrowing capacity           $ 50,000,000                  
Revolving credit facility maturity date           Mar. 31, 2020                  
Percentage of principal prepayments fee           3.00%                  
Unamortized debt issuance costs, current portion           $ 47,000                  
Unamortized debt issuance costs, long-term portion           $ 4,851,000                  
Line of credit, interest rate           8.60%                  
Subordinated HoldCo Credit Facility | Tranche A Borrowings                              
Debt Instrument [Line Items]                              
Proceeds from Term Loan Facility           $ 75,000,000                  
Debt instrument interest rate           5.50%                  
Subordinated HoldCo Credit Facility | Tranche B borrowings                              
Debt Instrument [Line Items]                              
Number of Installments | Installment           3                  
Remaining borrowing capacity           $ 125,000,000                  
Debt instrument interest rate           8.00%                  
Subordinated HoldCo Credit Facility | Tranche B borrowings | Minimum                              
Debt Instrument [Line Items]                              
Tranche B, minimum installment           $ 25,000,000                  
Bank Of America Working Capital Credit Facility                              
Debt Instrument [Line Items]                              
Maximum borrowing amount under credit agreement                       $ 150,000,000      
Letters of credit for debt service reserve           13,500,000                  
Interest expense incurred under debt obligations           $ 6,100,000 $ 2,300,000   $ 0            
Revolving credit facility maturity date           Mar. 31, 2020 [2] Mar. 31, 2020                
Debt instrument interest rate           2.25%                  
Debt Instrument interest rate description           (1) a rate equal to the Eurodollar Rate for the interest period divided by one minus the Eurodollar Reserve Percentage, plus a margin of 3.25%; or (2) the highest of (a) the Federal Funds Rate plus 0.50%, (b) the Citibank prime rate and (c) the one-month interest period Eurodollar rate plus 1.00%, plus a margin of 2.25%. Interest is payable dependent on the type of borrowing at the end of (1) the interest period that the Company may elect as a term and not to exceed three months, (2) quarterly or (3) at maturity of the Working Capital Facility.                  
Unamortized debt issuance costs, current portion           $ 500,000                  
Unamortized debt issuance costs, long-term portion           1,200,000                  
Minimum cash balance requirement           $ 25,000,000                  
Line of credit, interest rate           3.90% [2] 3.50%                
Bank Of America Working Capital Credit Facility | Federal Funds Rate Plus                              
Debt Instrument [Line Items]                              
Debt instrument interest rate           0.50%                  
Bank Of America Working Capital Credit Facility | Eurodollar Reserve Percentage Plus                              
Debt Instrument [Line Items]                              
Debt instrument interest rate           3.25%                  
Bank Of America Working Capital Credit Facility | Euro Dollar Rate Plus                              
Debt Instrument [Line Items]                              
Debt instrument interest rate           1.00%                  
Bank of America, N.A. Term Loan Credit Facility                              
Debt Instrument [Line Items]                              
Restricted cash and cash equivalents     1,600,000   1,600,000                    
Interest expense incurred under debt obligations         $ 1,300,000                    
Debt instrument interest rate       3.00%                      
Debt Instrument interest rate description           Under this credit facility, the Company incurred interest on the term borrowings that accrued at a floating rate based on (1) LIBOR plus a margin equal to 4%, or (2) a rate equal to 3% plus the greatest of (a) the Federal Funds Rate plus 0.5%, (b) the administrative agent’s prime rate and (c) LIBOR plus 1%.                  
Aggregate term loan borrowing       $ 75,500,000                      
Repayments of Short-term Debt     $ 75,500,000                        
Bank of America, N.A. Term Loan Credit Facility | Federal Funds Rate Plus                              
Debt Instrument [Line Items]                              
Debt instrument interest rate       0.50%                      
Bank of America, N.A. Term Loan Credit Facility | L I B O R Plus                              
Debt Instrument [Line Items]                              
Debt instrument interest rate       1.00%                      
Bank of America, N.A. Term Loan Credit Facility | London Interbank Offered Rate (LIBOR)                              
Debt Instrument [Line Items]                              
Debt instrument interest rate       4.00%                      
Revolving Lines of Credit | APX Parent Holdco, Inc.                              
Debt Instrument [Line Items]                              
Maximum borrowing amount under credit agreement                         $ 50,000,000   $ 20,000,000
Interest expense incurred under debt obligations               $ 3,100,000              
Additional borrowing capacity                         $ 30,000,000    
Line of credit, interest rate               12.00%              
Revolving Lines of Credit | Vivint                              
Debt Instrument [Line Items]                              
Maximum borrowing amount under credit agreement                           $ 20,000,000  
Interest expense incurred under debt obligations               $ 1,300,000              
Aggregate term loan borrowing                           $ 20,000,000  
Line of credit, interest rate             7.50%                
[1] The interest rate of this facility is partially hedged to an effective interest rate of 4.0% for $270.0 million of the principal borrowings outstanding. See Note 12—Derivative Financial Instruments.
[2] Facility is recourse debt, which refers to debt that is collateralized by the Company’s general assets. All of the Company’s other debt obligations are non-recourse, which refers to debt that is only collateralized by specified assets or subsidiaries of the Company.