By Andrea Heisinger
New York, Jan. 7 - ADT Corp. has priced an upsized $700 million of 4.125% 10-year notes (Baa2/BBB-/BBB) in Monday's session at a spread of Treasuries plus 223 basis points, according to an informed source and a press release.
The notes were sold tighter than price guidance in the 250 bps over Treasuries area.
Full terms of the trade were not available at press time.
Goldman Sachs & Co., Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. were the bookrunners.
The sale was done under Rule 144A and Regulation S.
Proceeds will be used to repurchase outstanding shares of ADT and for general corporate purposes.
ADT was last in the U.S. bond market with a $2.5 billion sale in three tranches on June 27, 2012. That offering included 3.5% 10-year notes priced at 195 bps over Treasuries.
The security and alarm system company is based in Boca Raton, Fla.
| Issuer: | ADT Corp.
|
| Issue: | Notes
|
| Amount: | $700 million, upsized from $500 million
|
| Maturity: | 2023
|
| Bookrunners: | Goldman Sachs & Co., Morgan Stanley & Co. LLC, Citigroup Global Markets Inc.
|
| Coupon: | 4.125%
|
| Spread: | Treasuries plus 223 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | Jan. 7
|
| Settlement date: | Jan. 14
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
| Price talk: | 250 bps area
|
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