New Issue: ADT prices $500 million five-year senior notes at par to yield 4 1/8%

By Paul A. Harris

Portland, Ore., March 5 - ADT Corp. priced a $500 million issue of non-callable five-year senior notes (Ba2/BB-/BBB-) at par to yield 4 1/8% on Wednesday, according to a syndicate source.

The yield printed at the tight end of yield talk in the 4¼% area.

BofA Merrill Lynch was the left bookrunner for the quick-to-market public offering. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. were the joint bookrunners.

Proceeds will be used to repay debt and for general corporate purposes.

ADT is a Boca Raton, Fla.-based provider of security services for homes and businesses.

Issuer:	ADT Corp.
Amount:	$500 million
Maturity:	April 15, 2019
Securities:	Senior notes
Left bookrunner:	BofA Merrill Lynch
Joint bookrunners:	Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.
Co-managers:	Deutsche Bank Securities Inc., Scotia Capital, BNY Securities, Williams Capital Group LP
Coupon:	4 1/8%
Price:	Par
Yield:	4 1/8%
Spread:	259 bps
Call protection:	Non-callable
Make-whole:	Treasuries plus 50 bps
Trade date:	March 5
Settlement date:	March 19
Ratings:	Moody's: Ba2
	Standard & Poor's: BB-
	Fitch: BBB-
Distribution:	SEC registered
Price talk:	4¼% area
Marketing:	Quick to market

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