Raising some serious cash in Provo
The sun isn't even up in Utah yet, but ApxAlarm's Stuart Dean announced this morning that Apx has raised a chunk of change. It closed on a new credit facility, which brings its cash on hand to $440 million. The facility is led by Goldman Sachs and will be used to "fuel growth in the next few years." What's that mean exactly? I'll let you know as soon as I get a chance to talk to Apx today. It's only about 6:30 a.m. in the Rockies right now. COO Alex Dunn, in a prepared statement, says that securing a loan of this size in today's economic environment is notable. From the release:
â€œThe fact that we raised a credit facility of $440 million in the current economic environment validates that we are one of the premiere residential security companies in North America,â€ said APX Alarm Chief Operating Officer, Alex Dunn. â€œThis is a real credit to our management team and the thousands of employees who provide world class service to our customers.â€Last year, at about this time, Apx closed on a $215 million credit facility, also led by Goldman Sachs. Apx used the bulk of that facilty to fund subscriber growth. Here's that story. I'll know more after my call today. In the meantime, here's the release.