Published on 3/5/2014 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: ADT prices $500 million five-year senior notes at par to yield 4 1/8%
By Paul A. Harris
Portland, Ore., March 5 - ADT Corp. priced a $500 million issue of non-callable five-year senior notes (Ba2/BB-/BBB-) at par to yield 4 1/8% on Wednesday, according to a syndicate source.
The yield printed at the tight end of yield talk in the 4¼% area.
BofA Merrill Lynch was the left bookrunner for the quick-to-market public offering. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. were the joint bookrunners.
Proceeds will be used to repay debt and for general corporate purposes.
ADT is a Boca Raton, Fla.-based provider of security services for homes and businesses.
Issuer: | ADT Corp.
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Amount: | $500 million
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Maturity: | April 15, 2019
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Securities: | Senior notes
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Left bookrunner: | BofA Merrill Lynch
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Joint bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.
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Co-managers: | Deutsche Bank Securities Inc., Scotia Capital, BNY Securities, Williams Capital Group LP
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Coupon: | 4 1/8%
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Price: | Par
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Yield: | 4 1/8%
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Spread: | 259 bps
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Call protection: | Non-callable
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Make-whole: | Treasuries plus 50 bps
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Trade date: | March 5
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Settlement date: | March 19
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Ratings: | Moody's: Ba2
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| Standard & Poor's: BB-
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| Fitch: BBB-
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Distribution: | SEC registered
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Price talk: | 4¼% area
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Marketing: | Quick to market
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