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ADT launches tender offer for all 9¼% second-priority notes due 2023
By Sarah Lizee
Olympia, Wash., March 18 – ADT Corp. said wholly owned subsidiaries Prime Security Services Borrower, LLC and Prime Finance Inc. launched a tender offer for all of its outstanding $2,246,000,000 9¼% second-priority senior secured notes due 2023, according to an 8-K filing with the Securities and Exchange Commission.
The purchase of the first amount, up to $1 billion of the notes, is conditioned on the completion of the company’s offering of $750 million first-priority senior secured notes due 2024 and $750 million of first-priority senior secured notes due 2026. The remaining amount is conditioned on the completion of the company’s offering of $1.25 billion senior unsecured notes due 2027.
The new note offerings are not conditioned on the tender offer.
Holders who validly tender their notes prior to 5 p.m. ET on March 29 will receive $1,053.04 for each $1,000 principal amount, which includes the early tender payment of $30 per $1,000 principal amount.
Holders who tender their notes after the early tender time but prior to 12 a.m. April 13 will get $1,023.04 for each $1,000 principal amount.
The withdrawal deadline is 5 p.m. ET on March 29.
Early settlement is scheduled for April 4.
Final settlement is scheduled for April 15.
The company also issued a conditional notice redemption for the notes to the extent that the company has not purchased the notes in the tender offer.
Deutsche Bank Securities Inc. is acting as dealer manager for the tender offer (855 287-1922 and 212 250-7527). D.F. King & Co., Inc. is acting as the tender and information agent (212 269-5550 for brokers and banks and 866 796-3328 for all others or adt@dfking.com).
ADT is a Boca Raton, Fla.-based provider of home security systems and services
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