TORONTO (S&P Global Ratings) Sept. 18, 2019--S&P Global Ratings said today that APX Group Holdings Inc.'s (Vivint) announced agreement and plan to merge with Maiden Merger Sub Inc., a wholly owned subsidiary of Mosaic Acquisition Corp., a New York Stock Exchange-listed special-purpose acquisition company, is a credit positive. We expect the about $690 million proceeds--which includes a combined private investment in public equity (PIPE) placement of $225 million from Fortress Capital and Blackstone--will be used to pay down debt, including senior notes maturing 2020. As a result, our ratings on Vivint are not immediately affected. We expect Vivint's pro forma credit measures, such as free operating cash flow (FOCF) to debt, to be in the negative low- to mid-single–digit percentage
