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ADT launches $2.78 billion term loan B at Libor plus 275 bps
By Sara Rosenberg
New York, Jan. 19 – ADT Inc. (Prime Security Services Borrower LLC) launched on Tuesday its $2.779 billion first-lien term loan B due Sept. 23, 2026 with price talk of Libor plus 275 basis points with a 0.75% Libor floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho and RBC Capital Markets are the bookrunners on the deal, with Barclays the administrative agent. Apollo Global Securities is a co-manager.
Commitments are due at 5 p.m. ET on Thursday.
Proceeds will be used to refinance/reprice an existing first-lien term loan B. Current pricing on the existing term loan is Libor plus 325 bps with a 1% Libor floor.
ADT is a Boca Raton, Fla.-based provider of monitored security and interactive home and business automation solutions.
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