Published on 12/4/2014 in the Prospect News High Yield Daily.
New Issue: ADT prices downsized $300 million 5.25-year bullet at par to yield 5¼%
By Paul A. Harris
Portland, Ore., Dec. 4 – ADT Corp. priced a downsized $300 million issue of non-callable 5.25-year senior notes (expected Ba2/confirmed BB-) at par to yield 5¼% on Thursday, according to a market source.
The deal was downsized from $400 million.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Scotia Capital and Wells Fargo Securities LLC are the joint bookrunners for the public offering.
The Boca Raton, Fla.-based provider of home security systems and services plans to use the proceeds to repay bank debt and for general corporate purposes.
| Issuer: | ADT Corp.
|
| Amount: | $300 million, downsized from $400 million
|
| Maturity: | March 15, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Scotia Capital, Wells Fargo Securities LLC
|
| Co-managers: | Bank of New York Mellon, Williams Capital Group LP
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Trade date: | Dec. 4
|
| Ratings: | Moody's: Ba2 expected
|
| Standard & Poor's: BB-
|
| Distribution: | SEC registered
|
| Marketing: | Quick to market
|
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