ADT launches downsized $300 million 5¼% 5.25-year bullet at par

By Paul A. Harris

Portland, Ore., Dec. 4 – ADT Corp. launched a downsized $300 million offering of 5¼% non-callable 5.25-year senior notes (expected ratings Ba2/BB-) at par on Thursday afternoon, according to a market source.

The deal was downsized from $400 million.

The deal was expected to price on Thursday; however, no final terms were available at press time, the source said.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Scotia Capital and Wells Fargo Securities LLC are the joint bookrunners for the public offering.

Bank of New York Mellon and Williams Capital Group LP are the co-managers.

The Boca Raton, Fla.-based provider of home security systems and services plans to use the proceeds to repay bank debt and for general corporate purposes.

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