ADT posts results of tender offer for 5¼% notes due 2020, calls rest

By Wendy Van Sickle

Columbus, Ohio, Sept. 23 – ADT Inc. said its indirect wholly owned subsidiary ADT Security Corp. took in tender instructions for $147,252,000 of notes in an offer to purchase any and all of the subsidiary’s 5¼% first priority senior notes due 2020.

The tender total represents 49.08% of the outstanding 2020 notes, and another $34,000 of tenders are subject to the guaranteed delivery procedures, according to a company notice.

The consideration for the notes will be $1,013.15 per $1,000 face amount of notes.

The offer was announced on Sept. 12 and expired at 11:59 p.m. ET on Sept. 19.

Settlement was set for Sept. 23.

The issuer also issued a call to redeem the remaining outstanding notes on Oct. 23 at a price to be calculated in accordance with the note indenture.

Deutsche Bank Securities Inc. is acting as dealer manager for the tender offer (855 287-1922 or 212 250-7527) and D.F. King & Co. is the tender and information agent (212 269-5550, 866 796-6898 or adt@dfking.com).

The tender offer was conducted in connection with an offering of $600 million of add-on notes issued by Prime Security Services Borrower, LLC and Prime Finance Inc. The add-on to the company’s 5¾% first priority senior secured notes due 2026 issued on April 4 closed on Monday.

The company is also amending its term loan for additional borrowings to extend the maturity date.

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

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