By Paul A. Harris
Portland, Ore., July 15 – ADT Inc. priced a $1 billion issue of eight-year first-priority senior secured notes (Ba3/BB-) at par to yield 4 1/8% in a Thursday drive-by, according to market sources.
The yield printed in the middle of the 4% to 4¼% yield talk, and in line with initial guidance in the low 4% area.
Deutsche Bank Securities Inc. was the left bookrunner.
The issuing entity, ADT Security Corp. is a wholly-owned indirect subsidiary of ADT Inc.
The Boca Raton-based provider of home and business security equipment and services plans to use the proceeds to redeem the ADT Security Corp. 3½% senior unsecured notes due 2022.
| Issuer: | ADT Security Corp.
|
| Amount: | $1 billion
|
| Maturity: | Aug. 1, 2029
|
| Securities: | First priority senior secured notes
|
| Left bookrunner: | Deutsche Bank Securities Inc.
|
| Joint bookrunners: | Barclays, Mizuho Securities USA Inc., RBC Capital Markets Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, MUFG, BNP Paribas Securities Corp.
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8%
|
| Spread: | 298 basis points
|
| Call protection: | Bullet
|
| Trade date: | July 15
|
| Settlement date: | July 29
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4% to 4¼%
|
| Marketing: | Drive-by
|
© 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.
