ADT sets roadshow for $2.75 billion three-part notes offering; pricing set for Thursday

By Paul A. Harris

Portland, Ore., March 18 – ADT Corp. plans to start a roadshow on Tuesday in New York for a $2.75 billion three-part offering of high-yield notes, according to market sources.

The roadshow continues in Boston on Wednesday.

The deal is expected to price on Thursday.

The offering features first priority senior secured notes (Ba3/BB-) coming in two bullet tranches: $750 million of five-year notes and $750 million of seven-year notes.

In addition, ADT is selling $1.25 billion of senior unsecured notes (B3/B-). The unsecured notes come the three years of call protection.

Deutsche Bank Securities Inc., Barclays, Citigroup Global Markets Inc. and RBC Capital Markets LLC are the joint bookrunners.

The Boca Raton, Fla.-based security services company plans to use the proceeds from the Rule 144A for life notes to refinance its 9¼% second-priority senior notes due 2023 and to repay $500 million of term loans outstanding under its credit agreement.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.