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S&P gives BB- to ADT notes
Standard & Poor's said it assigned its BB- issue-level rating to ADT Corp.'s $1 billion new senior unsecured notes, with a recovery rating of 3, indicating an expectation of meaningful (50%-70%) recovery in the event of a payment default.
Proceeds from the notes will be used primarily to repay $150 million outstanding under ADT's revolving credit facility, to repurchase outstanding shares of its common stock and for general corporate purposes, including acquisitions.
The BB- corporate credit rating on ADT is indicative of its "significant" business risk profile and "highly leveraged" financial risk profile, the agency said.
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