Automatic Data Processing to issue $2 billion of debt securities

By Aleesia Forni

Virginia Beach, Aug. 28 – Automatic Data Processing Inc. is planning to price a public offering of $2 billion of debt securities, subject to market and business conditions, according to a company press release.

Contingent upon the offering's completion, the board of directors authorized the purchase of 25 million shares of its common stock. ADP anticipates that the share repurchases will be completed within a 12- to 24-month time period following the debt offering.

The company provides business outsourcing and computing services to automobile and heavy equipment dealers. The company is based in Roseland, N.J.

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