By Paul A. Harris
Portland, Ore., Jan. 16 – ADT Inc. priced a $1.3 billion issue of eight-year second-lien senior secured notes (B3/B-) at par to yield 6¼% in a quick-to-market Thursday trade, according to a market source.
The yield printed at the tight end of the 6¼% to 6½% yield talk.
Barclays was the bookrunner.
The Boca Raton, Fla.-based provider of home and business security services plans to use the proceeds, along with cash on its balance sheet and/or drawings on the revolving credit facility, to refinance its existing second-lien notes due 2023.
| Issuer: | Prime Security Services Borrower, LLC
|
| Amount: | $1.3 billion
|
| Maturity: | Jan. 15, 2028
|
| Securities: | Second-lien senior secured notes
|
| Bookrunner: | Barclays
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 447 bps
|
| First call: | Jan. 15, 2023 at 103.125
|
| Trade date: | Jan. 16
|
| Settlement date: | Jan. 28
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% to 6½%
|
| Marketing: | Quick to market
|
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