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

By Sara Rosenberg

New York, June 20 – ADT Corp. firmed pricing on its $3,554,000,000 senior secured covenant-light first-lien term loan due May 2, 2022 at Libor plus 275 basis points, the high end of the Libor plus 250 bps to 275 bps talk, according to a market source.

Also, the 101 soft call protection on the term loan was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor and a par issue price.

Barclays is the lead bank on the deal.

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

ADT is a Boca Raton, Fla., security services company.

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