ADT launches $1.38 billion term loan B at SOFR plus 200 bps

By Sara Rosenberg

New York, March 26 – ADT Inc. (Prime Security Services Borrower LLC) was scheduled to hold a lender call at 10 a.m. ET on Tuesday to launch a $1.375 billion term loan B due Oct. 13, 2030 that is talked at SOFR plus 200 basis points with a 0% floor and an original issue discount of 99.75 to par, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays is the lead on the deal and the administrative agent.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to reprice the company’s existing term loan B due 2030 down from SOFR plus 250 bps with a 0% floor.

ADT is a Boca Raton, Fla.-based provider of security, automation and smart home solutions services.

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