ADT talks $3.55 billion first-lien term loan at Libor plus 250-275 bps

By Sara Rosenberg

New York, June 12 – ADT Corp. launched on Monday its $3,554,000,000 senior secured covenant-light first-lien term loan due May 2, 2022 with price talk of Libor plus 250 basis points to 275 bps with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays is the lead bank on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan B.

ADT is a security services company.

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